The Great Financial Crisis: Causes and Consequences

The Great Financial Crisis: Causes and Consequences #2020

The Great Financial Crisis Causes and Consequences In the fall of the United States was plunged into a financial crisis severe than any since the Great Depression As banks collapsed and the state scrambled to organize one of the largest transfer
  • Title: The Great Financial Crisis: Causes and Consequences
  • Author: John Bellamy Foster Fred Magdoff
  • ISBN: 9781583671849
  • Page: 109
  • Format: Paperback
  • In the fall of 2008, the United States was plunged into a financial crisis severe than any since the Great Depression As banks collapsed and the state scrambled to organize one of the largest transfers of wealth in history, many including economists and financial experts were shocked by the speed at which events unfolded.In this new book, John Bellamy Foster and FrIn the fall of 2008, the United States was plunged into a financial crisis severe than any since the Great Depression As banks collapsed and the state scrambled to organize one of the largest transfers of wealth in history, many including economists and financial experts were shocked by the speed at which events unfolded.In this new book, John Bellamy Foster and Fred Magdoff offer a bold analysis of the financial meltdown, how it developed, and the implications for the future They examine the specifics of the housing bubble and the credit crunch as well as situate current events within a broader crisis of monopoly finance capitalism one that has been gestating for several decades It is the real productive economy s tendency toward stagnation, they argue, that creates a need for capital to find ways to profitably invest its surplus But rather than invest in socially useful projects that would benefit the vast majority, capital has constructed a financialized casino economy that neglects social needs and, as has become increasingly clear, is fatally unstable Written over a two year period immediately prior to the onset of the crisis, this timely and illuminating book is necessary reading for all those who wish to understand the current situation, how we got here, and where we are heading.
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      Published :2020-01-12T07:47:30+00:00

    242 Comment

    The Great Financial Crisis, written by the editors of the Monthly Review, articulates the current economic condition of the United States The book looks at the current situation in a historical context, particularly in relation to the Great Depression and subsequent developments automobilization, suburbanization, the re industrialization of Europe after WWII, and the military industrial complex These temporary economic stimulants pulled the US economy out of the Great Depression in the 1930 s, a [...]

    Interesting take on the financial crisis The authors, who are editors of the socialist journal Monthly Review, locate the cause of the crisis in the intrinsic tendency toward stagnation in the real i.e goods and services producing portion of capitalist economies The problem in their view is that this stagnation coupled with the intense accumulation of capital in the top echelons of the society result in a situation where there is a chronic lack of good investment opportunities for the capital On [...]

    I d read most of this in Monthly Review over the years It s fun to see the power of prediction of Marxist science in its Baran Sweezy variety on display with the earlier articles that were written before the housing bubble burst and the worldwide crisis began Of course the state of the world itself is not very fun I would give the book five stars for those who have not read MR analysis before It is short and not difficult to understand.

    A very interesting book, which gives a modern enlightening Marxist Socialist view of contemporary economics.Most of the essays in the book were written with prescience before the GFC, and one or two during after.The authors promulgate and examine the hypothesis that stagnation is inherent in economics, one would almost say, its natural state, and what can was done to battle it They look at the financialization that started in the 70 s and picked up in later decades and view it as a channel used [...]

    One of the best book explaining why Capitalism has always stumbled to breath Indeed, this book aroused my interest to embark upon a deeper and wider study of the overproduction ailment Capitalism has been suffering from since its very inception Contrary to popular notion which claims that greater regulation which prevailed in 50s and 60s can overcome the existential threat to Capitalism and the Great Recession is only an offspring of human greed thereby playing down Capitalism s greatest contrad [...]

    Excellent book Explains in easy to understand terms the causes behind the financial crisis and offers solutions to how we can avoid the same in the future Of course the solution is socialism Does a great job to show how capitalism has been in decline since the 70s and how the war machine that used to prop the system up in time of need is now unable to do so 2 wars and the US is still in a major recession Gives great insight of the change of the capitalist system in western countries from a produ [...]

    A selection of lead articles since May 2006 through 2008 from The Monthly Review a socialist political economic journal that predicted the current economic crisis and provides the best available coherent and concise explanation of its causes in 132 pages This book and succeeding articles in the journal are the best antidote to the confusion that results from reading Paul Krugman s The Return of Depression Economics See my review under that title This periodical began 60 years ago with an article [...]

    With sobering clarity, Foster and Magdoff provide a unique and historical perspective to the latest economic meltdown, tracing its roots to the financialization of capital and a chronic tendency towards stagnation in the real economies of advanced industrial societies.

    Lots of repetition, I learned very few things from this book It is a compilation of articles and the main thesis is the same in each one Despite this, it is pretty well written I would recommend the curious reader to choose 1 or 2 articles and keep to them.

    Poignant and clearly written socialist critique of where the USA was heading in the early days of the crisis It got worse

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