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After the Great Recession
The Struggle for Economic Recovery and Growth

$95.00 (C)

Barry Z. Cynamon, Steven M. Fazzari, Mark Setterfield, Thomas I. Palley, L. Randall Wray, Jan Kregel, James Crotty, Robert Blecker, Gerald Epstein, Dean Baker, Pavlina Tcherneva
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  • Date Published: November 2012
  • availability: In stock
  • format: Hardback
  • isbn: 9781107015890

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About the Authors
  • The severity of the Great Recession and the subsequent stagnation caught many economists by surprise. But a group of Keynesian scholars warned for some years that strong forces were leading the U.S. toward a deep, persistent downturn. This book collects essays about these events from prominent macroeconomists who developed a perspective that predicted the broad outline and many specific aspects of the crisis. From this point of view, the recovery of employment and revival of strong growth requires more than short-term monetary easing and temporary fiscal stimulus. Economists and policy makers need to explore how the process of demand formation failed after 2007, and where demand will come from going forward. Successive chapters address the sources and dynamics of demand, the distribution and growth of wages, the structure of finance, and challenges from globalization, and inform recommendations for monetary and fiscal policies to achieve a more efficient and equitable society.

    • Deep and coherent analysis of the Great Recession, focusing on the abiding crisis, underlying causes and policy solutions
    • Provides alternative approach to conventional economic wisdom that failed to predict severity and persistence of crisis
    • Written so that experts and well-informed readers will find it accessible and easy to read
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    Product details

    • Date Published: November 2012
    • format: Hardback
    • isbn: 9781107015890
    • length: 354 pages
    • dimensions: 235 x 157 x 23 mm
    • weight: 0.6kg
    • contains: 19 b/w illus. 15 tables
    • availability: In stock
  • Table of Contents

    Part I. Introduction and Overview:
    1. Understanding the great recession Barry Z. Cynamon, Steven M. Fazzari and Mark Setterfield
    2. America's exhausted paradigm: macroeconomic causes of the financial crisis and great recession Thomas I. Palley
    Part II. Emergence of Financial Instability:
    3. Minsky's money manager capitalism: assessment and reform L. Randall Wray
    4. Trying to serve two masters: the dilemma of financial regulation Jan Kregel
    5. How bonus-driven 'rainmaker' financial firms enrich top employees, destroy shareholder value, and create systemic financial instability James Crotty
    Part III. Household Spending and Debt: Source of Past Growth-Seeds of Recent Collapse:
    6. The end of the consumer age Barry Z. Cynamon and Steven M. Fazzari
    7. Wages, demand and US macroeconomic travails: diagnosis and prognosis Mark Setterfield
    Part IV. Global Dimensions of US Crisis:
    8. Global imbalances and US trade in the great recession and its aftermath Robert Blecker
    Part V. Economic Policy after the Great Recession:
    9. Confronting the Kindleberger moment: credit, fiscal, and regulatory policy to avoid economic disaster Gerald Epstein
    10. Fiscal policy: the recent record and lessons for the future Dean Baker
    11. No need to panic about US government deficits Barry Z. Cynamon and Steven M. Fazzari
    12. Fiscal policy for the great recession and beyond Pavlina Tcherneva
    Part VI. The Way Forward:
    13. Demand, finance, and uncertainty beyond the great recession Barry Z. Cynamon, Steven M. Fazzari and Mark Setterfield.

  • Editors

    Barry Z. Cynamon, Washington University, St Louis
    Barry Cynamon is a Research Associate at the Weidenbaum Center on the Economy, Government and Public Policy at the Washington University, St Louis. His early research on the US consumer age of the past quarter century linked rising household spending and debt to group interactions and cultural norms. This work was published in 2008, just as the 'risk of collapse' it identified played out to become known as the Great Recession. He has also published research on both monetary and fiscal policy and is Chief Financial Officer of GLC Investments, a renewable energy investment management firm. He holds an MBA from the University of Chicago.

    Steven Fazzari, Washington University, St Louis
    Steven Fazzari is Professor of Economics and Associate Director of the Weidenbaum Center on the Economy, Government and Public Policy at Washington University, St Louis. He received a PhD in economics from Stanford University in 1982. The author of more than forty peer-reviewed journal articles and book chapters, Professor Fazzari's research explores two main areas: the financial determinants of investment and R&D spending by US firms and the foundations of Keynesian macroeconomics. His teaching awards include the 2002 Missouri Governor's award for excellence in university teaching, the 2007 Emerson Award for teaching excellence and Washington University's distinguished faculty award, also in 2007.

    Mark Setterfield, Trinity College, Connecticut
    Mark Setterfield is Professor of Economics at Trinity College, Hartford, Associate Member of the Cambridge Centre for Economic and Public Policy at the University of Cambridge, and Senior Research Associate at the International Economic Policy Institute, Laurentian University, Canada. He is the author of Rapid Growth and Relative Decline: Modelling Macroeconomic Dynamics with Hysteresis, the editor (or co-editor) of six volumes of essays, and has published on macroeconomic dynamics and Keynesian macroeconomics in journals including the Cambridge Journal of Economics, European Economic Review, Journal of Post Keynesian Economics and The Manchester School.

    Foreword

    Robert Kuttner

    Contributors

    Barry Z. Cynamon, Steven M. Fazzari, Mark Setterfield, Thomas I. Palley, L. Randall Wray, Jan Kregel, James Crotty, Robert Blecker, Gerald Epstein, Dean Baker, Pavlina Tcherneva

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