Epic Recession: Prelude to Global Depression

Epic Recession: Prelude to Global Depression

by Jack Rasmus
Pub. Date:
Pluto Press
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Epic Recession: Prelude to Global Depression

The US is still in deep trouble. Banks are sustained by trillions of government dollars, unemployment is approaching 25 million and the long-term future of the economy is in doubt. In Epic Recession, Jack Rasmus shows that we need a new way of understanding the crisis if things are to improve.

Rasmus interrogates US economic history to show that the current predicament is what he terms an 'Epic Recession', neither a full-blown depression or a short-lived period of contraction followed by a swift return to growth. He then shows that the only way to prevent the onset of depression is to radically restructure the economy through a massive job creation program, nationalisations, a fundamentally new kind of banking structure and a long-term redistribution of income through better healthcare and benefit 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.

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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