| Description |
x, 260 p. ; 24 cm. |
| Bibliography |
Includes bibliographical references (p. 231-246) and index. |
| Contents |
Let them eat credit -- Exporting to grow -- Flighty foreign financing -- A weak safety net -- From bubble to bubble -- When money is the measure of all worth -- Betting the bank -- Reforming finance -- Improving access in America -- The fable of the bees replayed. |
| Summary |
Raghuram Rajan was one of the few economists who warned of the global financial crisis before it hit. Rajan shows how the individual choices that collectively brought about the economic meltdown--made by bankers, government officials, and ordinary homeowners--were rational responses to a flawed global financial order in which the incentives to take on risk are incredibly out of step with the dangers those risks pose. He traces the deepening fault lines in a world overly dependent on the indebted American consumer to power global economic growth and stave off global downturns. He exposes a system where America's growing inequality and thin social safety net create tremendous political pressure to encourage easy credit and keep job creation robust, no matter what the consequences to the economy's long-term health; and where the U.S. financial sector, with its skewed incentives, is the critical but unstable link between an overstimulated America and an underconsuming world. |
| Subject |
Income distribution -- United States -- History -- 21st century.
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United States -- Social conditions -- 21st century.
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Global Financial Crisis, 2008-2009.
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Economic history -- 21st century.
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| ISBN |
9780691146836 (acid-free paper) |
|
0691146837 |
|
