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From Financial Crisis to Stagnation: The Destruction of Shared Prosperity and the Role of Economics 1st Edition

4.5 out of 5 stars 6 customer reviews
ISBN-13: 978-1107016620
ISBN-10: 1107016622
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Editorial Reviews

Review

'Thomas Palley has provided a penetrating analysis of the Great Recession, the weakness of the policy response, and the role of economic ideas in both. If we are to avoid the Great Stagnation - and build a more equitable and sustainable economic future - economists and policy makers must fundamentally change the way they think about economics and politics. Mr Palley points the way.' Ron Blackwell, Chief Economist, AFL-CIO

'Thomas Palley's carefully argued study combines an acute critique of conventional economic thinking with thoughtful and stimulating proposals to fix America's broken economic policies.' Thomas Ferguson, University of Massachusetts, Boston, and Senior Fellow, Roosevelt Institute

'In the depths of the Great Depression, John Maynard Keynes wrote that 'nothing is required, and nothing will avail, except a little clear thinking'. Thomas Palley here renews that message for our time.' James K. Galbraith, author of Inequality and Instability: A Study of the World Economy Just Before the Great Crisis

'This is an outstanding book: clear, concise, and comprehensive. It shows that the economic crisis is the result of economic policies derived from flawed ideas and flawed ideologies. Read it and recommend it to your friends. It provides a map to overcome the great stagnation and to return to shared prosperity.' José Antonio Ocampo, Columbia University, Former UN Under-Secretary-General for Economic and Social Affairs and former Finance Minister of Colombia

'In this perspicacious and persuasive book, Tom Palley shows how conventional economic thinking led ultimately to the disaster of the Great Recession and how it is now threatening to culminate in the Great Stagnation. His thoughts on how to avoid that and how to recover are compelling and important.' Clyde Prestowitz, President, Economic Strategy Institute

Book Description

This book offers a novel explanation of the financial crisis and Great Recession that emphasizes the destruction of shared prosperity over the past thirty years. This contrasts with "black swan" styled explanations that emphasize unexpected financial shocks and speculation. The book explains why the economy is now confronted with stagnation rather than the quick recovery predicted by other accounts.
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Product Details

  • Hardcover: 258 pages
  • Publisher: Cambridge University Press; 1 edition (February 27, 2012)
  • Language: English
  • ISBN-10: 1107016622
  • ISBN-13: 978-1107016620
  • Product Dimensions: 6 x 0.6 x 9 inches
  • Shipping Weight: 1 pounds (View shipping rates and policies)
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (6 customer reviews)
  • Amazon Best Sellers Rank: #2,046,772 in Books (See Top 100 in Books)

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Top Customer Reviews

Format: Hardcover
Tom Palley's books are always interesting and insightful, but "From Financial Crisis to Stagnation" is by far his best. In his new book he goes to the heart of the economic and social problems that we are facing in the United States. Palley persuasively shows us that the neoliberal model of the Reagan era with its focus on deregulation, limiting unions, debt and asset price inflation for economic growth, along with globalization, created a predictable economic tsunami. He shows how we can change direction and begin an era of prosperity with economic policies that support higher wages and improving the standard of living for middle-class America as the source for sustainable economic growth. Palley gives us a courageous and thoughtful voice among the tall talk that seems to dominant economic policy discussions today -- it is a honest voice we should listen to.
Richard P.F. Holt
Southern Oregon University
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Format: Hardcover Verified Purchase
Palley presents a brilliant, original, and unique analysis on the 2008-onwards crisis.

Loyal to the best Keynesian tradition that places demand-creation mechanisms as the primary driver to income generation, Palley discloses how a virtuous cycle of sustainable growth led by real productivity gains was replaced by a vicious cycle of unsustainable growth led by debt increase backed by asset inflation.

This process is traced back to the 80's, when the dominance of neoliberal ideas in politics and economics have then been undermining that economic mechanism that had led the world to experience an unique era of sustained growth, which Palley calls `shared prosperity'. The neoliberal model of `purchase power increase' from `increasing debt-raising power' supported by asset inflation will head the world towards a long and painful adjustment which, optimistically, will impose years of stagnation. The analysis is dense, sharp, and truly convincing, supported by data and facts. An outstanding analysis under Keynesian heuristics, though modern and updated to the current state of the world.

Nevertheless, an attentive 'foreign' (to US) reader will soon perceive that such a description is well-suited to US conjuncture, but somewhat fails to take into account positive feedbacks from that process on developing countries, though not exempted from drawbacks as well: from a Chinese or Brazilian (like me) agent, the effect had been an eventful process of job creation and income generation, exactly because developing economies were receptors and beneficiaries of the three flaws that Palley presents as the pillars of the neoliberal model: offshoring production, employment, and investment.
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Unique incites and a different way of looking at economics especially he highlights the importance of wage stagnation contributing to the crisis. Thomas presents unique perpsective on the crisis and the problems in the economic proffession that all investors should read.
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