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The Resource The end of normal : the great crisis and the future of growth, James K. Galbraith

The end of normal : the great crisis and the future of growth, James K. Galbraith

Creator
Summary
"The years since the Great Crisis of 2008 have seen slow growth, high unemployment, falling home values, chronic deficits, a deepening disaster in Europe--and a stale argument between two false solutions, "austerity" on one side and "stimulus" on the other. Both sides and practically all analyses of the crisis so far take for granted that the economic growth from the early 1950s until 2000--interrupted only by the troubled 1970s--represented a normal performance. From this perspective the crisis was an interruption, caused by bad policy or bad people, and full recovery is to be expected if the cause is corrected. The End of Normal challenges this view. Placing the crisis in perspective, Galbraith argues that the 1970s already ended the age of easy growth. The 1980s and 1990s saw only uneven growth, with rising inequality within and between countries. And the 2000s saw the end even of that--despite frantic efforts to keep growth going with tax cuts, war spending, and financial deregulation. When the crisis finally came, stimulus and automatic stabilization were able to place a floor under economic collapse. But they are not able to bring about a return to high growth and full employment. Today, four factors impede a return to normal. They are the rising costs of real resources, the now-evident futility of military power, the labor-saving consequences of the digital revolution, and the breakdown of law and ethics in the financial sector. The Great Crisis should be seen as a turning point, a barometer of the rise of unstable economic conditions, which should be regarded as the new normal. Policies and institutions going forward should be designed, above all, modestly, to cope with this fact, maintaining conditions for a good life in difficult times"--
Language
eng
Work
Publication
Edition
First Simon & Schuster hardcover edition.
Extent
x, 291 pages
Isbn
9781451644920
Instance
Label
The end of normal : the great crisis and the future of growth
Title
The end of normal
Title remainder
the great crisis and the future of growth
Statement of responsibility
James K. Galbraith
Creator
Subject
Language
eng
Summary
"The years since the Great Crisis of 2008 have seen slow growth, high unemployment, falling home values, chronic deficits, a deepening disaster in Europe--and a stale argument between two false solutions, "austerity" on one side and "stimulus" on the other. Both sides and practically all analyses of the crisis so far take for granted that the economic growth from the early 1950s until 2000--interrupted only by the troubled 1970s--represented a normal performance. From this perspective the crisis was an interruption, caused by bad policy or bad people, and full recovery is to be expected if the cause is corrected. The End of Normal challenges this view. Placing the crisis in perspective, Galbraith argues that the 1970s already ended the age of easy growth. The 1980s and 1990s saw only uneven growth, with rising inequality within and between countries. And the 2000s saw the end even of that--despite frantic efforts to keep growth going with tax cuts, war spending, and financial deregulation. When the crisis finally came, stimulus and automatic stabilization were able to place a floor under economic collapse. But they are not able to bring about a return to high growth and full employment. Today, four factors impede a return to normal. They are the rising costs of real resources, the now-evident futility of military power, the labor-saving consequences of the digital revolution, and the breakdown of law and ethics in the financial sector. The Great Crisis should be seen as a turning point, a barometer of the rise of unstable economic conditions, which should be regarded as the new normal. Policies and institutions going forward should be designed, above all, modestly, to cope with this fact, maintaining conditions for a good life in difficult times"--
Assigning source
Provided by publisher
Cataloging source
DLC
http://library.link/vocab/creatorName
Galbraith, James K
Index
index present
Literary form
non fiction
Nature of contents
bibliography
http://library.link/vocab/subjectName
  • Global Financial Crisis, 2008-2009
  • Europe
  • Europe
  • United States
  • United States
Label
The end of normal : the great crisis and the future of growth, James K. Galbraith
Instantiates
Publication
Bibliography note
Includes bibliographical references (pages 267-276) and index
Carrier category
volume
Carrier MARC source
rdacarrier.
Content category
text
Content type MARC source
rdacontent.
Control code
FIEb17587761
Dimensions
24 cm.
Edition
First Simon & Schuster hardcover edition.
Extent
x, 291 pages
Isbn
9781451644920
Media category
unmediated
Media MARC source
rdamedia.
System control number
(OCoLC)877912323
Label
The end of normal : the great crisis and the future of growth, James K. Galbraith
Publication
Bibliography note
Includes bibliographical references (pages 267-276) and index
Carrier category
volume
Carrier MARC source
rdacarrier.
Content category
text
Content type MARC source
rdacontent.
Control code
FIEb17587761
Dimensions
24 cm.
Edition
First Simon & Schuster hardcover edition.
Extent
x, 291 pages
Isbn
9781451644920
Media category
unmediated
Media MARC source
rdamedia.
System control number
(OCoLC)877912323

Subject

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