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Great Financial Crisis: Causes and Consequences

by John Bellamy Foster and Fred Magdoff Monthly Review Press
Pub Date:
02/2009
ISBN:
9781583671849
Format:
Pb+ 144 pages
Price:
AU$22.99 NZ$24.34
Product Status: In Stock Now
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In the fall of 2008, the United States was plunged into a financial crisis more severe than any since the Great Depression. As banks collapsed and the state scrambled to organize one of the largest transfers of wealth in history, many—including economists and financial experts—were shocked by the speed at which events unfolded.

In this new book, John Bellamy Foster and Fred Magdoff offer a bold analysis of the financial meltdown, how it developed,
and the implications for the future. They examine the specifics of the housing bubble and the credit crunch as well as situate current events within a broader crisis of monopoly-finance capitalism—one that has been gestating for several decades. It is the “real” productive economy’s tendency toward stagnation, they argue, that creates a need for capital to find ways to profitably invest its surplus. But rather than invest in socially useful projects that would benefit the vast majority, capital has constructed a financialized “casino” economy that neglects social needs and, as has become increasingly clear, is fatally unstable. Written over a two-year period immediately prior to the onset of the crisis, this timely and illuminating book is necessary reading for all those who wish to understand the current situation, how we got here, and where we are heading.

8/12/2009 - TOC not available to date

“A must read! Here is an excellent guide to understanding the role debt overload and the stagnation of the real economy played in the recent crisis, in the tradition of Sweezy and Magdoff.” Michael Perelman, California State University, Chico, and author of Railroading Economics, The Invention of Capitalism, and The Confiscation of American Prosperity
John Bellamy Foster is Editor of Monthly Review. He is professor of sociology at the University of Oregon and the author of many books, including Critique of Intelligent Design (with Brett Clark and Richard York), Naked Imperialism, Marx’s Ecology, and The Faltering Economy (with Henryk Szlajfer).

Fred Magdoff is Professor of Plant and Soil Science at the University of Vermont in Burlington and a director of the Monthly Review Foundation. He is the editor of Hungry for Profits.