Get the New Arlington Public Library App for Apple/Android 

A failure of capitalism: the crisis of '08 and the descent into depression

Book Cover
Average Rating
Publisher:
Harvard University Press,
Pub. Date:
2009.
Language:
English
Description

The financial and economic crisis that began in 2008 is the most alarming of our lifetime because of the warp-speed at which it is occurring. How could it have happened, especially after all that we’ve learned from the Great Depression? Why wasn’t it anticipated so that remedial steps could be taken to avoid or mitigate it? What can be done to reverse a slide into a full-blown depression? Why have the responses to date of the government and the economics profession been so lackluster? Richard Posner presents a concise and non-technical examination of this mother of all financial disasters and of the, as yet, stumbling efforts to cope with it. No previous acquaintance on the part of the reader with macroeconomics or the theory of finance is presupposed. This is a book for intelligent generalists that will interest specialists as well.

Among the facts and causes Posner identifies are: excess savingsflowing in from Asia and the reckless lowering of interest rates by theFederal Reserve Board; the relation between executive compensation,short-term profit goals, and risky lending; the housing bubble fuelled bylow interest rates, aggressive mortgage marketing, and loose regulations; the low savings rate of American people; and the highly leveraged balance sheets of large financial institutions.

Posner analyzes the two basic remedial approaches to the crisis, which correspond to the two theories of the cause of the Great Depression:the monetarist—that the Federal Reserve Board allowed the money supply to shrink, thus failing to prevent a disastrous deflation—and the Keynesian—that the depression was the product of a credit binge in the 1920’s, a stock-market crash, and the ensuing downward spiral in economic activity. Posner concludes that the pendulum swung too far and that our financial markets need to be more heavily regulated.

Read Richard Posner's blog, and his latest article in The Atlantic.
More Details
ISBN:
9780674035140
Also in this Series
More Like This
Reviews from GoodReads
Loading GoodReads Reviews.
Staff View

Grouping Information

Grouped Work ID a2285c5b-c39e-c080-db6f-7e5231e3ee32
full_title failure of capitalism the crisis of 08 and the descent into depression
author posner richard a
grouping_category book
lastUpdate 2017-04-07 04:59:52AM

Solr Details

_version_ 1565459091620364288
accelerated_reader_interest_level
accelerated_reader_point_value 0
accelerated_reader_reading_level 0
author Posner, Richard A.
author-letter Posner, Richard A.
author_additional Richard A. Posner.
author_display Posner, Richard A
availability_toggle_arlington Available Now, Entire Collection
available_at_arlington Central
callnumber-a HB3722
callnumber-first H - Social Science
callnumber-subject HB - Economic Theory and Demography
callnumber_sort_arlington 330.973 POSNE
collection_arlington Adult Nonfiction
date_added 2011-01-26T05:00:00Z
days_since_added 2279
detailed_location_arlington Central Adult Nonfiction
display_description
format_arlington Book
format_boost 10
format_category_arlington Books
grouping_category book
id a2285c5b-c39e-c080-db6f-7e5231e3ee32
isbn 9780674035140
item_details ils:.b13200537|.i14083802|Central Adult Nonfiction|330.973 POSNE|||1|false|false|||||On Shelf|Apr 06, 2017|can||
itype_arlington Hardback
language English
language_boost 10
language_boost_es 1
lexile_code
lexile_score -1
lib_boost_arlington 50
literary_form Non Fiction
literary_form_full Non Fiction
local_callnumber_arlington 330.973 POSNE
local_callnumber_exact_arlington 330.973 POSNE
local_callnumber_left_arlington 330.973 POSNE
local_days_since_added_arlington 2279
num_holdings 1
oclc (OCoLC)299711513
owning_library_arlington Arlington Public Library, Aurora Hills, Central, Cherrydale, Columbia Pike, Connection Crystal City, Detention Center, Glencarlyn, Local History, Plaza, Shirlington, Westover
owning_location_arlington Central
physical xix, 346 p. ; 19 cm.
popularity 3
primary_isbn 9780674035140
publishDate 2009
publishDateSort 2009
publisher Harvard University Press,
rating 2.5
rating_facet oneStar, twoStar
record_details ils:.b13200537|Book|Books||English|Harvard University Press,|2009.|xix, 346 p. ; 19 cm.
recordtype grouped_work
scope_has_related_records a, arlington, c, d, g, h, o, p, s, u, v, w
scoping_details_arlington ils:.b13200537|.i14083802|On Shelf|On Shelf|false|true|true|false|false|true|999||
subject_facet United States -- Economic conditions -- 2001-2009, United States -- Economic policy -- 2001-2009
table_of_contents The depression and its proximate causes -- The crisis in banking -- The underlying causes -- Why a depression was not anticipated -- The government responds -- A silver lining? -- What we are learning about capitalism and government -- The economics profession asleep at the switch -- Apportioning blame -- The way forward -- The future of conservatism.
target_audience Adult
target_audience_full Adult
title A failure of capitalism : the crisis of '08 and the descent into depression
title_display A failure of capitalism : the crisis of '08 and the descent into depression
title_full A failure of capitalism : the crisis of '08 and the descent into depression / Richard A. Posner
title_short A failure of capitalism :
title_sort failure of capitalism the crisis of '08 and the descent into depression
title_sub the crisis of '08 and the descent into depression