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In Buildups, Booms, and Busts, Thomas Oatley explores how America's military buildups have produced postwar economic booms that have culminated in monetary and financial crises. The 2008 subprime crisis – as well as the housing bubble that produced it – was the most recent manifestation of this buildup, boom, and bust cycle, developing as a consequence of the decision to deficit finance the wars in Afghanistan and Iraq. Earlier instances of financial crises were generated by deficit-financed buildups in the 1980s and the late 1960s. The buildup, boom, and bust pattern results from the way political institutions and financial power shape America's response to military challenges: political institutions transform increased military spending into budget deficits, and financial power enables the United States to finance these deficits by borrowing cheaply from the rest of the world. Oatley examines how this cycle has had a powerful impact on American and global economic and financial performance.Read more
- Attributes America's postwar financial crises to macroeconomic imbalances caused by military buildups rather than to financial complexity and regulatory laxity
- Offers a perspective on American hegemony that melds its global security obligations, its domestic political and economic dimensions, and its global financial consequences
- Argues that contemporary policy discussion exaggerates the need to scale back America's overseas obligations
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- Date Published: February 2015
- format: Paperback
- isbn: 9781107462809
- length: 210 pages
- dimensions: 230 x 155 x 15 mm
- weight: 0.32kg
- contains: 36 b/w illus. 11 tables
- availability: Available
Table of Contents
1. The political economy of imbalance
2. National security shocks and military buildups
3. Warfare, welfare, and the size of the American state
4. Buildups and booms
5. Deflecting the costs of adjustment
6. The financial consequences of America's postwar booms
7. The political economy of American hegemony.
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