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The Financial Crisis Reconsidered: The Mercantilist Origin of Secular Stagnation and Boom-bust Cycles
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Bibliographic Detail
Publisher Palgrave Macmillan
Publication date September 26, 2016
Pages 291
Binding Paperback
Edition Reprint
Book category Adult Non-Fiction
ISBN-13 9781349575473
ISBN-10 134957547X
Dimensions 0 by 6.10 by 9.25 in.
Original list price $125.00
Summaries and Reviews
Amazon.com description: Product Description:

In The Financial Crisis Reconsidered, Aronoff challenges the conventional view that reckless credit produced the US housing boom and the financial crisis, explaining how the large current account deficit, and its mercantilist origin, was a more fundamental cause. He also demonstrates that the decision to provide relief for bank creditors rather than underwater homeowners was responsible for the prolonged recession that followed the crisis.

Aronoff proposes a novel theory to account for the ultimate origins of secular stagnation and economic volatility. He shows how accumulation, which occurs when a person or country earns more than it ever plans to spend, generates both an excess of saving and a deficiency in demand. While savings provide the funds to promote booms, under-consumption ensures that these booms will turn bust and that the economy will fall short of its potential growth rate. Aronoff argues that mercantilists and top income earners engage in accumulation, and that the influence of both types has grown in recent decades. Combining economic theory and historical narrative, this book offers a new perspective of the housing boom and the financial crisis, concluding with innovative policy proposals to reduce accumulation without compromising the benefits of a market economy.



Editions
Hardcover
Book cover for 9781137553683
 
from Palgrave Macmillan (January 20, 2016)
9781137553683 | details & prices | 291 pages | 6.00 × 9.00 × 0.50 in. | 1.30 lbs | List price $120.00
About: In The Financial Crisis Reconsidered, Aronoff challenges the conventional view that reckless credit produced the US housing boom and the financial crisis, explaining how the large current account deficit, and its mercantilist origin, was a more fundamental cause.
Paperback
Book cover for 9781349575473
 
The price comparison is for this edition
Reprint edition from Palgrave Macmillan (September 26, 2016)
9781349575473 | details & prices | 291 pages | List price $125.00
About: In The Financial Crisis Reconsidered, Aronoff challenges the conventional view that reckless credit produced the US housing boom and the financial crisis, explaining how the large current account deficit, and its mercantilist origin, was a more fundamental cause.

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