Understanding the Great Recession: A Pluralist Approach to US Capitalism in the 21st Century

The book "The Great Recession: A Radical Political Economy Perspective" offers a unique approach to understanding the causes and consequences of the Great Recession by critiquing capitalism and mainstream views. It provides an overview of the US Economy in the 21st Century, exploring the events preceding the financial crash and the subsequent recovery.

Format: Paperback / softback
Length: 266 pages
Publication date: 08 November 2023
Publisher: Taylor & Francis Ltd

The Great Recession serves as a valuable tool for comprehending economic principles and policies. By adopting a radical political economy perspective, this book critically examines capitalism and mainstream interpretations of the causes and consequences of the Great Recession. Additionally, it delves into the events leading up to the financial crisis and the subsequent recovery, offering a comprehensive overview of the US Economy in the 21st century.

The Great Recession, which occurred in 2008-2009, was a severe economic downturn that had far-reaching consequences for individuals, businesses, and governments around the world. It is widely regarded as one of the most significant financial crises in recent history.

One of the key aspects of the Great Recession was the widespread financial instability that it caused. Many banks and financial institutions were on the brink of collapse, and the credit markets were in turmoil. This led to a significant decline in consumer spending and business investment, which in turn led to a sharp decline in economic growth.

The Great Recession also had significant social and political consequences. Many people lost their jobs and their homes, and the economic downturn led to increased levels of poverty and inequality. There was also a growing sense of frustration and anger towards the financial industry and government policymakers, who were seen as responsible for the crisis.

In response to the Great Recession, governments and central banks around the world took a range of measures to try to stabilize the economy. These measures included quantitative easing, which involved the printing of more money to increase the supply of credit and stimulate economic growth.

Despite these measures, the recovery from the Great Recession was slow and uneven. Many people are still struggling to find work, and economic growth has remained sluggish in many countries. There is also ongoing debate about the causes and consequences of the crisis, with some arguing that it was caused by excessive borrowing and spending by individuals and businesses, while others argue that it was caused by broader economic forces such as globalization and technological change.

In conclusion, the Great Recession was a significant economic downturn that had far-reaching consequences for individuals, businesses, and governments around the world. It serves as a valuable lesson in the importance of financial stability and the need for effective government policies to protect against economic downturns. While the recovery from the crisis has been slow and uneven, there is still hope for a brighter future, as long as we continue to learn from the past and work towards a more sustainable and equitable economic system.

Weight: 520g
Dimension: 173 x 245 x 18 (mm)
ISBN-13: 9781138618183