Lost Decades: The Making of America's Debt Crisis and the Long Recovery

Lost Decades: The Making of America's Debt Crisis and the Long Recovery

by Menzie D. Chinn, Jeffry A. Frieden
     
 

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Two acclaimed political economists explore the origins and long-term effects
of the financial crisis in historical and comparative perspective.See more details below

Overview

Two acclaimed political economists explore the origins and long-term effects
of the financial crisis in historical and comparative perspective.

Editorial Reviews

Publishers Weekly
In this important book, which deserves to be widely read and debated, political economists Chinn (The Economic Integration of Greater China) and Frieden (Global Capitalism) argue that the 2007-2009 world financial crisis was made in America, because the U.S. ignored advice about indebtedness that it had given to other countries over the years. The time has now come for Americans to accept the implications of this situation and discuss it with other governments. In Chinn and Frieden's view, it is not debt per se, but what the debt is used for, that is key. They provide historical evidence to support their claim that if debt is invested by the government and private industry to raise profitability, then it is not problematic. This has not been the case in the recent past. Instead debt was used to create a speculative bubble, which led to what the authors call the bankruptcy of the financial system. They make the powerful case that the $12 trillion bail-out of the busted banks has been wasted. Absent a multi-trillion employment and investment program, there are very tough times ahead.
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Jon Rosen - USA Today
“An invaluable resource in a time of great uncertainty. Intelligent yet accessible to non-experts, [it] fills a valuable niche in a debate often dominated by ideological talking heads who thrive on popular anger and drain the political system of sensible dialogue.”
Occupy Wall Street Forum
“An excellent read. [Chinn and Frieden] anticipated a movement like Occupy Wall Street.”
USA Today
An invaluable resource in a time of great uncertainty. Intelligent yet accessible to non-experts, [it] fills a valuable niche in a debate often dominated by ideological talking heads who thrive on popular anger and drain the political system of sensible dialogue.— Jon Rosen
USA Today - Jon Rosen
“An invaluable resource in a time of great uncertainty. Intelligent yet accessible to non-experts, [it] fills a valuable niche in a debate often dominated by ideological talking heads who thrive on popular anger and drain the political system of sensible dialogue.”
Nouriel Roubini
“Through pointed historical and comparative illustration, the authors show how financiers, politicians, and ideologues ushered in the crisis, and highlight the challenges we must overcome to avoid another lost decade.”
Simon Johnson
“An integrated and compelling account of where our debts came from – and why they won’t go away any time soon. Chinn and Frieden combine the smartest kind of economics with the toughest kind of political science. Read this book for a somewhat disheartening but completely enlightening education – and then send 10 copies to the White House and Capitol Hill.”
Raghuram G. Rajan
“This wonderful book by two leading political economists identifies the roots of the recent financial crisis and the deep recession that followed, but more important, tells us what awaits us if we do not fix the underlying problems. It is political economy as it was meant to be - accessible and concise, even while deeply troubling.”
Dani Rodrik
“You will not read a better political-economic synthesis of America’s financial crisis than this book.”
Ernesto Zedillo
“An intelligent, vivid, and accessible account of the first great crisis of the 21st century. Drawing on comparisons that will bother recalcitrant believers in American economic exceptionalism, the authors depict a gloomy panorama for the years to come unless policy makers get serious about fiscal reform. This is a must-read for the expert and the layman alike.”

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Product Details

ISBN-13:
9780393080506
Publisher:
Norton, W. W. & Company, Inc.
Publication date:
10/01/2012
Sold by:
Barnes & Noble
Format:
NOOK Book
Pages:
304
File size:
1 MB

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