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Economy

A dangerous idea

This book from a professor of international political economy recounts the intellectual and practical history of austerity and judges it a dangerous disaster. The author shows that austerity does not work as advertised. It does not reduce debt and does not promote growth; instead budgets are cut, economies shrink.

Twenty-five abnormal years

Normally we associate the workings of capitalism with attributes such as mass unemployment and economic downturns. But the twenty-five years following the end of the Second World War were markedly different from all other capitalist periods.

Boom produces bust

The surge in capitalist markets from 1997 to 2007 was only achieved by deliberate, reckless stimulation of credit growth, enacted through a combination of abnormally low interest rates (relative to inflation) and exceedingly lax regulation of both credit and housing markets.

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