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.
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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