The Great Financial Crisis: Causes and Consequences

John Bellamy Foster Fred Magdoff March 10, 2020

The Great Financial Crisis: Causes and Consequences John Bellamy Foster Fred Magdoff 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.

The Great Financial Crisis: Causes and Consequences John Bellamy Foster Fred Magdoff

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    Published :2020-03-10T20:04:05+00:00