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The Resource The end of normal : the great crisis and the future of growth, James K. Galbraith

The end of normal : the great crisis and the future of growth, James K. Galbraith

Creator
Summary
"The years since the Great Crisis of 2008 have seen slow growth, high unemployment, falling home values, chronic deficits, a deepening disaster in Europe--and a stale argument between two false solutions, "austerity" on one side and "stimulus" on the other. Both sides and practically all analyses of the crisis so far take for granted that the economic growth from the early 1950s until 2000--interrupted only by the troubled 1970s--represented a normal performance. From this perspective the crisis was an interruption, caused by bad policy or bad people, and full recovery is to be expected if the cause is corrected. The End of Normal challenges this view. Placing the crisis in perspective, Galbraith argues that the 1970s already ended the age of easy growth. The 1980s and 1990s saw only uneven growth, with rising inequality within and between countries. And the 2000s saw the end even of that--despite frantic efforts to keep growth going with tax cuts, war spending, and financial deregulation. When the crisis finally came, stimulus and automatic stabilization were able to place a floor under economic collapse. But they are not able to bring about a return to high growth and full employment. Today, four factors impede a return to normal. They are the rising costs of real resources, the now-evident futility of military power, the labor-saving consequences of the digital revolution, and the breakdown of law and ethics in the financial sector. The Great Crisis should be seen as a turning point, a barometer of the rise of unstable economic conditions, which should be regarded as the new normal. Policies and institutions going forward should be designed, above all, modestly, to cope with this fact, maintaining conditions for a good life in difficult times"--
Language
eng
Work
Publication
Edition
First Simon & Schuster hardcover edition.
Extent
x, 291 pages
Contents
  • A contest of one-note narratives
  • The optimists' garden. Growth now and forever ; A decade of disruption ; The Great Delusion ; Tweedledum and Tweedledee ; The backwater prophets
  • The four Horsemen of the end of growth. The choke-chain effect ; The futility of force ; The digital storm ; The fallout of financial fraud
  • No return to normal. Broken baselines and failed forecasts ; The crackpot counterrevolution ; The pivot, the cliff, and the brink of default ; Is there a european crisis? ; Beyond Pangloss and Cassandra
  • When Homer returns
Isbn
9781451644920
Instance
Label
The end of normal : the great crisis and the future of growth
Title
The end of normal
Title remainder
the great crisis and the future of growth
Statement of responsibility
James K. Galbraith
Title variation
Great crisis and the future of growth
Creator
Subject
Language
eng
Summary
"The years since the Great Crisis of 2008 have seen slow growth, high unemployment, falling home values, chronic deficits, a deepening disaster in Europe--and a stale argument between two false solutions, "austerity" on one side and "stimulus" on the other. Both sides and practically all analyses of the crisis so far take for granted that the economic growth from the early 1950s until 2000--interrupted only by the troubled 1970s--represented a normal performance. From this perspective the crisis was an interruption, caused by bad policy or bad people, and full recovery is to be expected if the cause is corrected. The End of Normal challenges this view. Placing the crisis in perspective, Galbraith argues that the 1970s already ended the age of easy growth. The 1980s and 1990s saw only uneven growth, with rising inequality within and between countries. And the 2000s saw the end even of that--despite frantic efforts to keep growth going with tax cuts, war spending, and financial deregulation. When the crisis finally came, stimulus and automatic stabilization were able to place a floor under economic collapse. But they are not able to bring about a return to high growth and full employment. Today, four factors impede a return to normal. They are the rising costs of real resources, the now-evident futility of military power, the labor-saving consequences of the digital revolution, and the breakdown of law and ethics in the financial sector. The Great Crisis should be seen as a turning point, a barometer of the rise of unstable economic conditions, which should be regarded as the new normal. Policies and institutions going forward should be designed, above all, modestly, to cope with this fact, maintaining conditions for a good life in difficult times"--
Tone
Assigning source
Provided by publisher
http://library.link/vocab/ext/novelist/bookUI
10356251
Cataloging source
DLC
http://library.link/vocab/creatorName
Galbraith, James K
Dewey number
330.9/0511
Index
index present
LC call number
HB3717 2008
LC item number
.G337 2014
Literary form
non fiction
Nature of contents
bibliography
http://library.link/vocab/resourcePreferred
True
http://library.link/vocab/subjectName
  • Global Financial Crisis, 2008-2009
  • Europe
  • Europe
  • United States
  • United States
Target audience
adult
http://bibfra.me/vocab/lite/titleRemainder
the great crisis and the future of growth
Label
The end of normal : the great crisis and the future of growth, James K. Galbraith
Instantiates
Publication
Copyright
Bibliography note
Includes bibliographical references (pages 267-276) and index
Carrier category
volume
Carrier MARC source
rdacarrier
Content category
text
Content type MARC source
rdacontent
Contents
A contest of one-note narratives -- The optimists' garden. Growth now and forever ; A decade of disruption ; The Great Delusion ; Tweedledum and Tweedledee ; The backwater prophets -- The four Horsemen of the end of growth. The choke-chain effect ; The futility of force ; The digital storm ; The fallout of financial fraud -- No return to normal. Broken baselines and failed forecasts ; The crackpot counterrevolution ; The pivot, the cliff, and the brink of default ; Is there a european crisis? ; Beyond Pangloss and Cassandra -- When Homer returns
Dimensions
24 cm
Edition
First Simon & Schuster hardcover edition.
Extent
x, 291 pages
Isbn
9781451644920
Isbn Type
(hardcover)
Lccn
2014012308
Media category
unmediated
Media MARC source
rdamedia
System control number
  • (OCoLC)877912323
  • (OCoLC)ocn877912323
  • 381847
Label
The end of normal : the great crisis and the future of growth, James K. Galbraith
Publication
Copyright
Bibliography note
Includes bibliographical references (pages 267-276) and index
Carrier category
volume
Carrier MARC source
rdacarrier
Content category
text
Content type MARC source
rdacontent
Contents
A contest of one-note narratives -- The optimists' garden. Growth now and forever ; A decade of disruption ; The Great Delusion ; Tweedledum and Tweedledee ; The backwater prophets -- The four Horsemen of the end of growth. The choke-chain effect ; The futility of force ; The digital storm ; The fallout of financial fraud -- No return to normal. Broken baselines and failed forecasts ; The crackpot counterrevolution ; The pivot, the cliff, and the brink of default ; Is there a european crisis? ; Beyond Pangloss and Cassandra -- When Homer returns
Dimensions
24 cm
Edition
First Simon & Schuster hardcover edition.
Extent
x, 291 pages
Isbn
9781451644920
Isbn Type
(hardcover)
Lccn
2014012308
Media category
unmediated
Media MARC source
rdamedia
System control number
  • (OCoLC)877912323
  • (OCoLC)ocn877912323
  • 381847

Subject

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