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The Resource The financial crisis reconsidered : the mercantilist origin of secular stagnation and boom-bust cycles, Daniel Aronoff

The financial crisis reconsidered : the mercantilist origin of secular stagnation and boom-bust cycles, Daniel Aronoff

Label
The financial crisis reconsidered : the mercantilist origin of secular stagnation and boom-bust cycles
Title
The financial crisis reconsidered
Title remainder
the mercantilist origin of secular stagnation and boom-bust cycles
Statement of responsibility
Daniel Aronoff
Creator
Subject
Language
eng
Summary
In The Financial Crisis Reconsidered, Aronoff challenges the conventional view that reckless credit produced the US housing boom and the financial crisis, explaining how the large current account deficit, and its mercantilist origin, was a more fundamental cause. He also demonstrates that the decision to provide relief for bank creditors rather than underwater homeowners was responsible for the prolonged recession that followed the crisis. Aronoff proposes a novel theory to account for the ultimate origins of secular stagnation and economic volatility. He shows how accumulation, which occurs when a person or country earns more than it ever plans to spend, generates both an excess of saving and a deficiency in demand. While savings provide the funds to promote booms, under-consumption ensures that these booms will turn bust and that the economy will fall short of its potential growth rate. Aronoff argues that mercantilists and top income earners engage in accumulation, and that the influence of both types has grown in recent decades. Combining economic theory and historical narrative, this book offers a new perspective of the housing boom and the financial crisis, concluding with innovative policy proposals to reduce accumulation without compromising the benefits of a market economy.--
Assigning source
Provided by Publisher
Cataloging source
DLC
http://library.link/vocab/creatorDate
1961-
http://library.link/vocab/creatorName
Aronoff, Daniel
Illustrations
illustrations
Index
index present
Literary form
non fiction
Nature of contents
bibliography
http://library.link/vocab/subjectName
  • Global Financial Crisis, 2008-2009
  • Financial crises
  • Business cycles
  • Mercantile system
Label
The financial crisis reconsidered : the mercantilist origin of secular stagnation and boom-bust cycles, Daniel Aronoff
Instantiates
Publication
Bibliography note
Includes bibliographical references (pages 239-278) and index
Carrier category
volume
Carrier category code
  • nc
Carrier MARC source
rdacarrier.
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent.
Control code
FIEb17825672
Dimensions
24 cm.
Extent
xvi, 291 pages
Isbn
9781137553683
Media category
unmediated
Media MARC source
rdamedia.
Media type code
  • n
Other physical details
illustrations
System control number
(OCoLC)942705183
Label
The financial crisis reconsidered : the mercantilist origin of secular stagnation and boom-bust cycles, Daniel Aronoff
Publication
Bibliography note
Includes bibliographical references (pages 239-278) and index
Carrier category
volume
Carrier category code
  • nc
Carrier MARC source
rdacarrier.
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent.
Control code
FIEb17825672
Dimensions
24 cm.
Extent
xvi, 291 pages
Isbn
9781137553683
Media category
unmediated
Media MARC source
rdamedia.
Media type code
  • n
Other physical details
illustrations
System control number
(OCoLC)942705183

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