UID:
almafu_9959232493902883
Format:
1 online resource (xvii, 238 pages) :
,
digital, PDF file(s).
ISBN:
1-139-24869-3
,
1-107-23047-0
,
1-280-87769-3
,
9786613719003
,
1-139-22311-9
,
1-139-21831-X
,
1-139-22483-2
,
1-139-21522-1
,
1-139-22140-X
,
1-139-06128-3
Content:
The US economy today is confronted with the prospect of extended stagnation. This book explores why. Thomas I. Palley argues that the Great Recession and destruction of shared prosperity is due to flawed economic policy over the past thirty years. One flaw was the growth model adopted after 1980 that relied on debt and asset price inflation to fuel growth instead of wages. A second flaw was the model of globalization that created an economic gash. Third, financial deregulation and the house price bubble kept the economy going by making ever more credit available. As the economy cannibalized itself by undercutting income distribution and accumulating debt, it needed larger speculative bubbles to grow. That process ended when the housing bubble burst. The earlier post-World War II economic model based on rising middle-class incomes has been dismantled, while the new neoliberal model has imploded. Absent a change of policy paradigm, the logical next step is stagnation. The political challenge we face now is how to achieve paradigm change.
Note:
Title from publisher's bibliographic system (viewed on 14 Jan 2016).
,
Cover; From Financial Crisis to Stagnation; Title; Copyright; Dedication; Contents; Preface; Peeling the Onion of Misunderstanding; Acknowledgments; PART I: ORIGINS OF THE GREAT RECESSION; 1: Goodbye Financial Crash, Hello Stagnation; Core Thesis; Economic Policy and the Metaphor of Pump Priming; History, Politics, and Where to Begin; 2: The Tragedy of Bad Ideas; The Origins and Logic of Neoliberalism; Microeconomic Critiques of Neoliberalism; The Keynesian Critique of Neoliberalism; The Unfreedom Critique; The End of History, Again?; 3: Overview: Three Perspectives on the Crisis
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The Hard-Core Government Failure PerspectiveThe Soft-Core Market Failure Perspective; The Destruction of Shared Prosperity Perspective; Why Interpretation Matters: Policy Implications; The Hard-Core Government Failure Policy Response; The Soft-Core Market Failure Policy Response; The Structural Keynesian Policy Response; 4: America's Exhausted Paradigm: Macroeconomic Causes of the Crisis; The Flawed U.S. Growth Model; The Post-1980 Neoliberal Growth Model; The Role of Economic Policy; The Neoliberal Bubble Economy; The Flawed Model of Global Economic Engagement; The Triple Hemorrhage; NAFTA
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The Response to the East Asian Financial CrisisChina and Permanent Normal Trading Relations (PNTR); America's Exhausted Macroeconomic Paradigm; 5: The Role of Finance; The Role of Finance; The Mechanics of the Crash; Global Transmission of the Crisis; Ideas and Unintended Consequences; The Paradox of Financial Reform; 6: Myths and Fallacies about the Crisis: Stories about the Domestic Economy; The Regulatory Excess Hypothesis; The Regulatory Deficiency Hypothesis; The Flawed Monetary Policy Hypothesis; The Yield Chasing, Animal Spirits, and Black Swan Hypotheses
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7: Myths and Fallacies about the Crisis: Stories about the International EconomyChanging Neoliberal Explanations of the Trade Deficit; Stage 1: The Twin Deficits and Saving Shortage Hypotheses, 1980-2000; The Saving Shortage Hypothesis; Stage 2: The New Bretton Woods and Dark Matter Hypotheses, 2000-2005; The Dark Matter Hypothesis; A Partial Assessment; Stage 3: The Saving Glut, Asset Shortage, and the Dollar's Special Status Hypotheses; The Asset Shortage Hypothesis; The Dollar's Special Status Hypothesis; The New Neoliberal Consensus: Gato Pardo Economics; Conclusion: Theory on the Fly
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PART II: AVOIDING THE GREAT STAGNATION8: The Coming Great Stagnation; The Danger of Stagnation; The Economic Outlook; Why this Recession Really is Different; Why U.S. Economic Policy is Failing; Even the Best Mainstream Economists do not Understand the Problem; The Risk of Further Policy Failures; 9: Avoiding the Great Stagnation: Rethinking the Paradigm; The Failure of Neoliberalism; Structural Keynesianism versus Textbook Keynesianism; Repacking the Box: A Structural Keynesian Model; Budget Deficits during the Transition to a New Paradigm; Political Obstacles to Paradigm Change
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The Third Way and the Split among Social Democrats
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English
Additional Edition:
ISBN 1-107-61246-2
Additional Edition:
ISBN 1-107-01662-2
Language:
English
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