Text

Systemic fragility in the global economy

---

Just as contemporary economics failed to predict the 2008-09 crash, and

over-estimated the subsequent brief recovery that followed, economists

today are again failing to accurately forecast the slowing global economic

growth, the growing fragility, and therefore rising instability in the global

economy.

This book offers a new approach to explaining why mainstream economic

analyses have repeatedly failed and why fiscal and monetary policies have

been incapable of producing a sustained recovery.

Expanding upon the early contributions of Keynes, Minsky and others, it

offers an alternative explanation why the global economy is slowing long

term and becoming more unstable, why policies to date have largely failed,

and why the next crisis may therefore prove even worse than that of 2008-

09.

Systemic fragility is rooted in 9 key empirical trends: slowing real

investment; a drift toward deflation; money, credit and liquidity explosion;

rising levels of global debt; a shift to speculative financial investing; the

restructuring of financial markets to reward capital incomes; the restricting

of labor markets to lower wage incomes; the failure of Central Bank

monetary policies; and the ineffectiveness of fiscal policies.

It results from financial, consumer, and government balance sheet

fragilities exacerbating each other -- creating a massive centripetal force

disaggregating and tearing apart the whole, untamable by either fiscal or

monetary means.

This book clarifies how the price system in general, and financial asset

prices in particular, transform into fundamentally destabilizing forces under

conditions of systemic fragility. It explains why the global system has in

recent decades become dependent upon, and even addicted to, massive

liquidity injections, and how fiscal policies have been counterproductive,

exacerbating fragility and instability.

Policymakers’ failure to come to grips with how fundamental changes in the

structure of the 21st century global capitalist economy―in particular in

financial and labor market structures―make the global economy more

systemically fragile can only propel it toward deeper instability and crises.

An appendix describes three simultaneous equations that express in

notational form the variables associated with the Theory of Systemic

Fragility.

---

Ketersediaan

Informasi Detail

Judul Seri

-

No. Panggil

330.9 RAS s

Penerbit

USA : clarity press., 2016

Deskripsi Fisik

490 hlm., ilus., bibl. ; 23 cm

Bahasa

English

ISBN/ISSN

9780986076947

Klasifikasi

330.9

Tipe Isi

-

Tipe Media

-

Tipe Pembawa

-

Edisi

-

Subjek

Economic development

Info Detail Spesifik

-

Pernyataan Tanggungjawab

Jack Rasmus

Versi lain/terkait

Lampiran Berkas

Komentar

---

Anda harus masuk sebelum memberikan komentar