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The economic crisis has created a host of problems for working people: collapsing wages, lost jobs, ruined pensions, and the anxiety that comes with not knowing what tomorrow willbring. Compounding all this is a lack of reliable information that speaks to the realities of workers. Commentators and pundits seem more confused than anyone, and economists—the so-called "experts"—still cling to bankrupt ideologies that failed to predict the crisis and offer nothing to explain it. In this short, clear, and concise book, Fred Magdoff and Michael D. Yates explain the nature of the economic crisis. Contrary to conventional wisdom, the authors demonstrate that this crisis is not some aberration from a normally benign capitalism but rather the normal and even expected outcome of a thoroughly irrational and destructive system. No amount of tinkering with capitalism, whether it be discredited neoliberalism or the return of Keynesianism and a "new" New Deal, can overcome the core contradiction of the system: the daily exploitation and degradation of the majority of the world’s people by a tiny minority of business owners. While the current economic maelstrom has laid bare the web of greed, corruption, and propaganda that are central to capitalism, only an aroused public, demanding the right to health care, decent employment, a secure old age, and a clean and healthy environment, can lead the United States and the world out of the worst crisis since the Great Depression and toward a system of production and distribution conducive to human happiness. This book is aimed primarily at working people, students, and activists, who want not just to understand the world but to change it.
This myth shattering book reveals the methods Nouriel Roubini used to foretell the current crisis before other economists saw it coming and shows how those methods can help us make sense of the present and prepare for the future. Renowned economist Nouriel Roubini electrified his profession and the larger financial community by predicting the current crisis well in advance of anyone else. Unlike most in his profession who treat economic disasters as freakish once-in-­a-lifetime events without clear cause, Roubini, after decades of careful research around the world, realized that they were both probable and predictable. Armed with an unconventional blend of historical analysis and global economics, Roubini has forced politicians, policy makers, investors, and market watchers to face a long-neglected truth: financial systems are inherently fragile and prone to collapse. Drawing on the parallels from many countries and centuries, Nouriel Roubini and Stephen Mihm, a professor of economic history and a New York Times Magazine writer, show that financial cataclysms are as old and as ubiquitous as capitalism itself. The last two decades alone have witnessed comparable crises in countries as diverse as Mexico, Thailand, Brazil, Pakistan, and Argentina. All of these crises-not to mention the more sweeping cataclysms such as the Great Depression-have much in common with the current downturn. Bringing lessons of earlier episodes to bear on our present predicament, Roubini and Mihm show how we can recognize and grapple with the inherent instability of the global financial system, understand its pressure points, learn from previous episodes of "irrational exuberance," pinpoint the course of global contagion, and plan for our immediate future. Perhaps most important, the authors-considering theories, statistics, and mathematical models with the skepticism that recent history warrants—explain how the world's economy can get out of the mess we're in, and stay out. In Roubini's shadow, economists and investors are increasingly realizing that they can no longer afford to consider crises the black swans of financial history. A vital and timeless book, Crisis Economics proves calamities to be not only predictable but also preventable and, with the right medicine, curable.
This thoughtful book offers a widely accessible account of the recent economic collapse and crisis, emphasizing the deep nexus of economic inequality, undemocratic power, and leave-it-to-the-market ideology at its root. Based on their understanding of the origins of the crisis, the authors propose a program for reform that is equally dependent on poppular action and changes in government policy.
A second, updated edition of this accessible and myth-dispelling introduction to our current economic system.
Constantly bandied about, 'crisis' has tended to be a much-overused word. Understanding the economy and its future challenges requires a detailed and precise analysis of what an economic crisis is. This book sets out to do just that. It first provides a deep historical context of what economic theory says about crises and their perpetual return in the form of a cycle. It then looks at what lessons might be learned from such cycles. Since 1945, the world economy has been dominated by the United States, so an analysis of recent crises must necessarily consider public policy response in this country. Decoding Economic Crises attempts to answer the question of whether American leadership has emerged unscathed from the damage inflicted by the 1975, 1992, 2009 and 2020 recessions and their legacies of debt.Looking forward to the future, there is a particular focus on environmental change. The book interrogates whether devastating crises might ensue, reminiscent of the 'nutritional trap' theorised by Nobel Prize winner Angus Deaton. Finally, Decoding Economic Crises asks if there will be a return to times of extreme scarcity as seen prior to the mid-18th century.
Succeeding in a 21st Century world requires learning and employing 21st Century tools. Buy & Hope is a last-century strategy that has investors riding the Wall Street rollercoaster in the 21st Century. Learn easy-as-a-pie-chart strategies that earned gains in the last two recessions and have outperformed the bull markets in between. This system is so easy and efficacious that it is enthusiastically recommended by Nobel Prize winning economist Gary Becker, the former chairman of TD AMERITRADE Joe Moglia and thousands of people who have transformed their lives and relationship with money as a result of reading and implementing these time-proven strategies. Also learn why annual rebalancing is a Buy Low, Sell High plan on auto-pilot that takes the emotions out of investing, when you are using it side-by-side with our easy, pie-chart nest egg strategies.The Thrive Budget will teach you how to thrive, rather than struggling to survive. Cutting out café lattes might make you cranky, but it won't make you rich. Neither will putting money in piggy banks and jars. Learn what does work, and where the real holes in your budget are - in the big-ticket bills - and what you can do to stop making everyone else rich and start living a richer life. The 2020 Recession presents challenges that you should not ignore. Being informed and having wisdom as your guide (rather than a broker-salesman) allows you to be the boss of your money, protect your wealth and position yourself best in the challenging years that lie ahead.
Taking a hard look at the crisis afflicting Western economies in recent years, Manuel Castells suggests that the very structures that fostered economic growth since 1945 are the same structures that are now undermining these economics. Pinpointing the new forms of the capitalist mode of production and the contradictory nature of its class relations as the root of the problem, he offers a comprehensive critique of American society and its economy. Originally published in 1980. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.