The Great Financial Crisis by John Bellamy Foster

The Great Financial Crisis by John Bellamy Foster

In the fall of 2008, the United States was plunged into a financial crisis more severe than any since the Great Depression. As banks collapsed and the state scrambled to organize one of the largest transfers of wealth in history, many--including economists and financial experts--were shocked by the speed at which events unfolded.
In this new book, John Bellamy Foster and Fred Magdoff offer a bold analysis of the financial meltdown, how it developed, and the implications for the future. They examine the specifics of the housing bubble and the credit crunch as well as situate current events within a broader crisis of monopoly-finance capitalism--one that has been gestating for several decades. It is the "real" productive economy's tendency toward stagnation, they argue, that creates a need for capital to find ways to profitably invest its surplus. But rather than invest in socially useful projects that would benefit the vast majority, capital has constructed a financialized "casino" economy that neglects social needs and, as has become increasingly clear, is fatally unstable. Written over a two-year period immediately prior to the onset of the crisis, this timely and illuminating book is necessary reading for all those who wish to understand the current situation, how we got here, and where we are heading.

Fred Magdoff is chairman of the Department of Plant and Soil Science at the University of Vermont and the coordinator for the Northeast Region of the USDA Sustainable Agriculture Program. He has also developed a soil test for nitrogen availability in humid areas.

SKU	Unavailable
ISBN 13	9781583671849
ISBN 10	1583671846
Title	The Great Financial Crisis
Author	John Bellamy Foster
Condition	Unavailable
Binding Type	Paperback
Publisher	Monthly Review Press,U.S.
Year published	2009-01-01
Number of pages	160
Cover note	Book picture is for illustrative purposes only, actual binding, cover or edition may vary.