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Lost decades : the making of America's debt crisis and the long recovery

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  • "This book examines the role federal borrowing played in the economic collapse of 2008, describing the economic and political causes of the collapse, and discussing what the continuing impact of the debt and foreign borrowing will be on the United States in the twenty-first century. The authors, both political economists, explore the origins and long-term effects of the financial crisis in historical and comparative perspective. 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."
  • "This lucid explanation of the origins and long-term effects of the recent financial crisis draws on historical and comparative perspective by two leading political economists. By 2008 the United States had become the biggest international borrower in world history, with almost half 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, Pakistan and other third-world debtor nations. The massive inflow of foreign funds financed the booms in housing prices and consumer spending that fuelled the economy until the collapse of late 2008. Menzie D. Chinn and Jeffry A. 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 the foreign borrowing. They show that the crisis was foreseen by many and was avoidable through appropriate policy measures. They examine the continuing impact of the United States' 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."

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  • "Lost decades : the making of America's debt crisis and the long recovery"
  • "Lost decades the making of America's debt crisis and the long recovery"

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