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Lost Decades: The Making of America's Debt Crisis and the Long Recovery

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Lost Decades: The Making of America's Debt Crisis and the Long Recovery Cover

 

Synopses & Reviews

Publisher Comments:

The U.S. economy lost the first decade of the twenty-first century to an ill-conceived boom and subsequent bust. It is in danger of losing another decade to the stagnation of an incomplete recovery. How did this happen? Read this lucid explanation of the origins and long-term effects of the recent financial crisis, drawn in historical and comparative perspective by two leading political economists.

By 2008 the United States had become the biggest international borrower in world history, with more than two-thirds of its $6 trillion federal debt in foreign hands. The proportion of foreign loans to the size of the economy put the United States in league with Mexico, Indonesia, and other third-world debtor nations. The massive inflow of foreign funds financed the booms in housing prices and consumer spending that fueled the economy until the collapse of late 2008. This was the most serious international economic crisis since the Great Depression of the 1930s.

Menzie Chinn and Jeffry Frieden explain the political and economic roots of this crisis as well as its long-term effects. They explore the political strategies behind the Bush administration's policy of funding massive deficits with foreign borrowing. They show that the crisis was foreseen by many and was avoidable through appropriate policy measures. They examine the continuing impact of our huge debt on the continuing slow recovery from the recession. Lost Decades will long be regarded as the standard account of the crisis and its aftermath.

Synopsis:

A clear, authoritative guide to the crisis of 2008, its continuing repercussions, and the needed reforms ahead.

Synopsis:

Welcome to Argentina: by 2008 the United States had become the biggest international borrower in world history, with almost half of its 6.4 trillion dollar federal debt in foreign hands. The proportion of foreign loans to the size of the economy put the United States in league with Mexico, Pakistan, and other third-world debtor nations. The massive inflow of foreign funds financed the booms in housing prices and consumer spending that fueled the economy until the collapse of late 2008. The authors explore the political and economic roots of this crisis as well as its long-term effects. They explain the political strategies behind the Bush administration's policy of funding massive deficits with the foreign borrowing that fed the crisis. They see the continuing impact of our huge debt in a slow recovery ahead. Their clear, insightful, and comprehensive account will long be regarded as the standard on the crisis.

About the Author

Menzie D. Chinn teaches at the University of Wisconsin, Madison, and coauthors the influential blog Econbrowser.Jeffry A. Frieden teaches at Harvard University. He is the author of Global Capitalism: Its Fall and Rise in the Twentieth Century, and the co-author of Lost Decades: The Making of America's Debt Crisis and the Long Recovery.

Product Details

ISBN:
9780393344103
Author:
Chinn, Menzie D.
Publisher:
W. W. Norton & Company
Author:
Frieden, Jeffry A.
Subject:
Economic History
Subject:
Business-History and Biography
Subject:
Politics - General
Publication Date:
20121031
Binding:
TRADE PAPER
Language:
English
Pages:
304
Dimensions:
8.25 x 5.5 in

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Related Subjects

Business » Accounting and Finance
Business » Business Law
Business » General
Business » History and Biographies
Business » Management
Business » Writing
History and Social Science » Economics » General
History and Social Science » Economics » US Economy
History and Social Science » Politics » General
History and Social Science » World History » General

Lost Decades: The Making of America's Debt Crisis and the Long Recovery Used Trade Paper
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Product details 304 pages W. W. Norton & Company - English 9780393344103 Reviews:
"Synopsis" by , A clear, authoritative guide to the crisis of 2008, its continuing repercussions, and the needed reforms ahead.
"Synopsis" by , Welcome to Argentina: by 2008 the United States had become the biggest international borrower in world history, with almost half of its 6.4 trillion dollar federal debt in foreign hands. The proportion of foreign loans to the size of the economy put the United States in league with Mexico, Pakistan, and other third-world debtor nations. The massive inflow of foreign funds financed the booms in housing prices and consumer spending that fueled the economy until the collapse of late 2008. The authors explore the political and economic roots of this crisis as well as its long-term effects. They explain the political strategies behind the Bush administration's policy of funding massive deficits with the foreign borrowing that fed the crisis. They see the continuing impact of our huge debt in a slow recovery ahead. Their clear, insightful, and comprehensive account will long be regarded as the standard on the crisis.
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