EBOOK Inequality and Instability:A Study of the World Economy Just Before the Great Crisis -

EBOOK Inequality and Instability:A Study of the World Economy Just Before the Great Crisis

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Wydawnictwo: Oxford University Press
ISBN: 9780199930869
EAN: 8544584BEB
Format: 0,0 x 0,0 x 0,0
Oprawa: ...
Stron: 336
Data wydania: 2012
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As Wall Street rose to dominate the U.S. economy, income and pay inequalities in        America came to dance to the tune of the credit cycle. As the reach of financial        markets extended across the globe, interest rates, debt, and debt crises became the        dominant forces driving the rise of economic inequality almost everywhere. Thus the        "e;super-bubble"e; that investor George Soros identified in rich countries for the two        decades after 1980 was a super-crisis for the 99 percent-not just in the U.S. but        the entire world.Inequality and Instability demonstrates that finance is the        driveshaft that links inequality to economic instability. The book challenges those,        mainly on the right, who see mysterious forces of technology behind rising        inequality. And it also challenges those, mainly on the left, who have placed the        blame narrowly on trade and outsourcing. Inequality and Instability presents        straightforward evidence that the rise of inequality mirrors the stock market in the        U.S. and the rise of finance and of free-market policies elsewhere. Starting from        the premise that fresh argument requires fresh evidence, James K. Galbraith brings        new data to bear as never before, presenting information built up over fifteen years        in easily understood charts and tables. By measuring inequality at the right        geographic scale, Galbraith shows that more equal societies systematically enjoy        lower unemployment. He shows how this plays out inside Europe, between Europe and        the United States, and in modern China. He explains that the dramatic rise of        inequality in the U.S. in the 1990s reflected a finance-driven technology boom that        concentrated incomes in just five counties, very remote from the experience of most        Americans-which helps explain why the political reaction was so slow to come. That        the reaction is occurring now, however, is beyond doubt. In the aftermath of the        Great Financial Crisis, inequality has become, in America and the world over, the        central issue.A landmark work of research and original insight, Inequality and        Instability will change forever the way we understand this pivotal topic.

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