Epic Recession: Prelude to Global Depression

Epic Recession: Prelude to Global Depression

by Jack Rasmus
     
 

The U.S. economy is in deep trouble. The largest banks are sustained by trillions of government dollars. More than 20 million people are unemployed, and up to 10 million homes-one in five-are projected to foreclose. Jack Rasmus shows that we need a new way of understanding the crisis if things are to improve.

Rasmus interrogates U.S. economic history to show that

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Overview

The U.S. economy is in deep trouble. The largest banks are sustained by trillions of government dollars. More than 20 million people are unemployed, and up to 10 million homes-one in five-are projected to foreclose. Jack Rasmus shows that we need a new way of understanding the crisis if things are to improve.

Rasmus interrogates U.S. economic history to show that the current predicament is what he terms an 'epic recession': neither a full-blown depression, nor a short-lived contraction followed by a swift recovery. The economy faces an extended period of stagnation that may yet descend into depression. Rasmus demonstrates that the only way to prevent the onset of depression is to radically restructure the economy through a massive job creation program, nationalization of the mortgage and consumer credit markets, new banking and tax structures, and a long-term redistribution of income through better healthcare and retirement systems.

Epic Recession provides a rallying point for trade unionists and concerned citizens who want to ensure that any recovery is felt further than Wall Street.

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Product Details

ISBN-13:
9780745329987
Publisher:
Pluto Press
Publication date:
05/15/2010
Pages:
272
Product dimensions:
5.90(w) x 8.80(h) x 0.90(d)

Table of Contents

Introduction: Epic Recession-Past, Present, and Prologue 1

Part 1 Theory

1 Quantitative Characteristics of Epic Recession 23

2 Qualitative Characteristics of Epic Recession 49

3 The Dynamics of Epic Recesion 86

Part 2 History

4 U.S. Depressions in the Nineteenth Century 125

5 'Type I' Epic Recession: 1907-14 145

6 'Type II' Epic Recession: 1929-31 164

Part 3 Epic Recession, 2007-10

7 The Epic Recession of 2007-10 201

8 The Bush-Obama Recovery Programs 245

9 An Alternative Program for Economic Recovery 284

Glossary of Key Terms 315

Notes 320

Index 336

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