Summer Reading Sale
 
 

Recently Viewed clear list


Original Essays | June 20, 2014

Lauren Owen: IMG The Other Vampire



It's a wild and thundery night. Inside a ramshackle old manor house, a beautiful young girl lies asleep in bed. At the window, a figure watches... Continue »

spacer
Qualifying orders ship free.
$3.98
Used Hardcover
Ships in 1 to 3 days
Add to Wishlist
Qty Store Section
1 Local Warehouse American Studies- Economy

More copies of this ISBN

A Failure of Capitalism: The Crisis of '08 and the Descent Into Depression

by

A Failure of Capitalism: The Crisis of '08 and the Descent Into Depression Cover

 

Synopses & Reviews

Publisher Comments:

The financial and economic crisis that began in 2008 is the most alarming of our lifetime because of the warp-speed at which it is occurring. How could it have happened, especially after all that we’ve learned from the Great Depression? Why wasn’t it anticipated so that remedial steps could be taken to avoid or mitigate it? What can be done to reverse a slide into a full-blown depression? Why have the responses to date of the government and the economics profession been so lackluster? Richard Posner presents a concise and non-technical examination of this mother of all financial disasters and of the, as yet, stumbling efforts to cope with it. No previous acquaintance on the part of the reader with macroeconomics or the theory of finance is presupposed. This is a book for intelligent generalists that will interest specialists as well.

Among the facts and causes Posner identifies are: excess savings flowing in from Asia and the reckless lowering of interest rates by the Federal Reserve Board; the relation between executive compensation, short-term profit goals, and risky lending; the housing bubble fuelled by low interest rates, aggressive mortgage marketing, and loose regulations; the low savings rate of American people; and the highly leveraged balance sheets of large financial institutions.

Posner analyzes the two basic remedial approaches to the crisis, which correspond to the two theories of the cause of the Great Depression: the monetarist—that the Federal Reserve Board allowed the money supply to shrink, thus failing to prevent a disastrous deflation—and the Keynesian—that the depression was the product of a credit binge in the 1920’s, a stock-market crash, and the ensuing downward spiral in economic activity. Posner concludes that the pendulum swung too far and that our financial markets need to be more heavily regulated. Read Richard Posner's blog, and his latest article in The Atlantic.

Review:

In a recent column assessing the growing literature on the causes of the financial crisis, David Brooks noted that two broad schools of thought have formed: One sees the fiasco as a product of greed; the other, stupidity. Brooks overlooked the school of thought named Richard A. Posner.

Posner, the idiosyncratic and prolific federal jurist, has just published his book for this month:... Washington Post Book Review (read the entire Washington Post review)

Book News Annotation:

Not shying away from calling the current economic crisis in the US a "depression," rather than a "recession," prominent judge and legal scholar Posner (who sits on the US Court of Appeals and is a lecturer at the U. of Chicago Law School) offers a general audience a review of the crisis, its causes, and the lessons that can be learned. He attributes the crisis to three key causes--excessive deregulation, neglect of warning signs (such as the massive rise in housing prices), and insouciance about the decline in the rate of personal savings and the safety of such savings--and calls for re-regulating, rather than restructuring, finance and banking, writing that comprehensive structural reform should wait for better days. Annotation ©2011 Book News, Inc., Portland, OR (booknews.com)

Synopsis:

Posner presents a concise and non-technical examination of the current financial and economic disasters, and of the, as yet, stumbling efforts to cope with it.

Synopsis:

The financial and economic crisis that began in 2008 is the most alarming of our lifetime because of the warp-speed at which it is occurring. How could it have happened, especially after all that we’ve learned from the Great Depression? Why wasn’t it anticipated so that remedial steps could be taken to avoid or mitigate it? What can be done to reverse a slide into a full-blown depression? Why have the responses to date of the government and the economics profession been so lackluster? Richard Posner presents a concise and non-technical examination of this mother of all financial disasters and of the, as yet, stumbling efforts to cope with it. No previous acquaintance on the part of the reader with macroeconomics or the theory of finance is presupposed. This is a book for intelligent generalists that will interest specialists as well.

Among the facts and causes Posner identifies are: excess savingsflowing in from Asia and the reckless lowering of interest rates by theFederal Reserve Board; the relation between executive compensation,short-term profit goals, and risky lending; the housing bubble fuelled bylow interest rates, aggressive mortgage marketing, and loose regulations; the low savings rate of American people; and the highly leveraged balance sheets of large financial institutions.

Posner analyzes the two basic remedial approaches to the crisis, which correspond to the two theories of the cause of the Great Depression:the monetarist—that the Federal Reserve Board allowed the money supply to shrink, thus failing to prevent a disastrous deflation—and the Keynesian—that the depression was the product of a credit binge in the 1920’s, a stock-market crash, and the ensuing downward spiral in economic activity. Posner concludes that the pendulum swung too far and that our financial markets need to be more heavily regulated.Read Richard Posner's blog,and his latest article in The Atlantic.

About the Author

Richard A. Posner is Circuit Judge, the United States Court of Appeals for the Seventh Circuit, and a senior lecturer at the University of Chicago Law School.

Table of Contents

  1. The Depression and Its Proximate Causes
  2. The Crisis in Banking
  3. The Underlying Causes
  4. Why a Depression Was Not Anticipated
  5. The Government Responds
  6. A Silver Lining?
  7. What We Are Learning about Capitalism and Government
  8. The Economics Profession Asleep at the Switch
  9. Apportioning Blame
  10. The Way Forward
  11. The Future of Conservatism
  • Conclusion
  • Further Readings
  • Index

Product Details

ISBN:
9780674035140
Author:
Posner, Richard
Publisher:
Harvard University Press
Author:
Posner, Richard A.
Author:
Coomaraswamy, Ananda Kentish
Author:
Weismann, Elizabeth Wilder
Subject:
Economic Conditions
Subject:
Economic History
Subject:
Political Ideologies - Democracy
Subject:
Capitalism
Subject:
Depressions
Subject:
Financial crises -- United States.
Subject:
Politics - General
Copyright:
Edition Description:
Cloth
Publication Date:
May 2009
Binding:
HARDCOVER
Grade Level:
General/trade
Language:
English
Pages:
368
Dimensions:
7.125 x 4.375 in

Other books you might like

  1. Hailstones and Halibut Bones:... Used Hardcover $11.50
  2. Bread and Jam for Frances
    Used Book Club Hardcover $3.95
  3. Great Crash 1929 Used Trade Paper $3.25
  4. Oxford History of the United States...
    Used Hardcover $11.50
  5. The Myth of the Rational Market: A... Used Trade Paper $11.95

Related Subjects

History and Social Science » Economics » US Economy

A Failure of Capitalism: The Crisis of '08 and the Descent Into Depression Used Hardcover
0 stars - 0 reviews
$3.98 In Stock
Product details 368 pages Harvard University Press - English 9780674035140 Reviews:
"Synopsis" by , Posner presents a concise and non-technical examination of the current financial and economic disasters, and of the, as yet, stumbling efforts to cope with it.
"Synopsis" by , The financial and economic crisis that began in 2008 is the most alarming of our lifetime because of the warp-speed at which it is occurring. How could it have happened, especially after all that we’ve learned from the Great Depression? Why wasn’t it anticipated so that remedial steps could be taken to avoid or mitigate it? What can be done to reverse a slide into a full-blown depression? Why have the responses to date of the government and the economics profession been so lackluster? Richard Posner presents a concise and non-technical examination of this mother of all financial disasters and of the, as yet, stumbling efforts to cope with it. No previous acquaintance on the part of the reader with macroeconomics or the theory of finance is presupposed. This is a book for intelligent generalists that will interest specialists as well.

Among the facts and causes Posner identifies are: excess savingsflowing in from Asia and the reckless lowering of interest rates by theFederal Reserve Board; the relation between executive compensation,short-term profit goals, and risky lending; the housing bubble fuelled bylow interest rates, aggressive mortgage marketing, and loose regulations; the low savings rate of American people; and the highly leveraged balance sheets of large financial institutions.

Posner analyzes the two basic remedial approaches to the crisis, which correspond to the two theories of the cause of the Great Depression:the monetarist—that the Federal Reserve Board allowed the money supply to shrink, thus failing to prevent a disastrous deflation—and the Keynesian—that the depression was the product of a credit binge in the 1920’s, a stock-market crash, and the ensuing downward spiral in economic activity. Posner concludes that the pendulum swung too far and that our financial markets need to be more heavily regulated.Read Richard Posner's blog,and his latest article in The Atlantic.

spacer
spacer
  • back to top
Follow us on...




Powell's City of Books is an independent bookstore in Portland, Oregon, that fills a whole city block with more than a million new, used, and out of print books. Shop those shelves — plus literally millions more books, DVDs, and gifts — here at Powells.com.