By John Bellamy Foster
In the autumn of 2008, the us used to be plunged right into a monetary predicament extra serious than any because the nice melancholy. As banks collapsed and the nation scrambled to prepare one of many greatest transfers of wealth in background, many—including economists and fiscal experts—were stunned by way of the rate at which occasions unfolded.
In this new publication, John Bellamy Foster and Fred Magdoff provide a daring research of the monetary meltdown, the way it constructed, and the results for the long run. They learn the specifics of the housing bubble and the credits crunch in addition to situate present occasions inside of a broader trouble of monopoly-finance capitalism—one that has been gestating for numerous a long time. it's the "real" effective economy’s tendency towards stagnation, they argue, that creates a necessity for capital to discover how one can profitably make investments its surplus. yet instead of put money into socially invaluable tasks that may profit the overwhelming majority, capital has built a financialized "casino" financial system that neglects social wishes and, as has turn into more and more transparent, is fatally volatile. Written over a two-year interval instantly ahead of the onset of the main issue, this well timed and illuminating booklet is important interpreting for all those that desire to comprehend the present state of affairs, how we came, and the place we're heading.
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Additional resources for The Great Financial Crisis: Causes and Consequences
If we use it in mere luxury and mismanagement, such as in our dockyards, we shall be justly blamed; but if we use it in improving the condition of everyone, so far as it can be improved - if we use it in providing education, in improving the dwellings; and if we could by any possibility use it so as to do away with pauperism, and to provide libraries and institutions or anything that will increase the power and improve the character of our people, then I think we shall never be blamed for using our coal too fast.
The consequence is there is one trade that always seems brisk. If you read the trade reports in the newspapers, you will see that the CardifTsteam coal trade always seems to be brisk. But, I ask myself, is it really favourable for us to be spending our capital at this rate, and will it always be so? And again, it is not so much the amount of coal that we use, as that compared with the coal produce of other countries which is astonishing. It is obvious that our enormous power of coal pardy explains our extraordinary position in the world.
I might go on to point out the changes in towns. It is curious that the larger towns are the more rapidly they increase proportionately to their size. I will read a sentence from the census report:- "The towns where silk and woollen goods and gloves are made increased slowly; the towns famous for cottons, for stockings, shoes, and straw plait increased more rapidly. " I might show you in another way what coal does for our manufacturers, by accounts of the quantities of goods produced, by showing in short upon what we live.