Download or read book The Great Recession written by David B. Grusky and published by Russell Sage Foundation. This book was released on 2011-10-01 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: Officially over in 2009, the Great Recession is now generally acknowledged to be the most devastating global economic crisis since the Great Depression. As a result of the crisis, the United States lost more than 7.5 million jobs, and the unemployment rate doubled—peaking at more than 10 percent. The collapse of the housing market and subsequent equity market fluctuations delivered a one-two punch that destroyed trillions of dollars in personal wealth and made many Americans far less financially secure. Still reeling from these early shocks, the U.S. economy will undoubtedly take years to recover. Less clear, however, are the social effects of such economic hardship on a U.S. population accustomed to long periods of prosperity. How are Americans responding to these hard times? The Great Recession is the first authoritative assessment of how the aftershocks of the recession are affecting individuals and families, jobs, earnings and poverty, political and social attitudes, lifestyle and consumption practices, and charitable giving. Focused on individual-level effects rather than institutional causes, The Great Recession turns to leading experts to examine whether the economic aftermath caused by the recession is transforming how Americans live their lives, what they believe in, and the institutions they rely on. Contributors Michael Hout, Asaf Levanon, and Erin Cumberworth show how job loss during the recession—the worst since the 1980s—hit less-educated workers, men, immigrants, and factory and construction workers the hardest. Millions of lost industrial jobs are likely never to be recovered and where new jobs are appearing, they tend to be either high-skill positions or low-wage employment—offering few opportunities for the middle-class. Edward Wolff, Lindsay Owens, and Esra Burak examine the effects of the recession on housing and wealth for the very poor and the very rich. They find that while the richest Americans experienced the greatest absolute wealth loss, their resources enabled them to weather the crisis better than the young families, African Americans, and the middle class, who experienced the most disproportionate loss—including mortgage delinquencies, home foreclosures, and personal bankruptcies. Lane Kenworthy and Lindsay Owens ask whether this recession is producing enduring shifts in public opinion akin to those that followed the Great Depression. Surprisingly, they find no evidence of recession-induced attitude changes toward corporations, the government, perceptions of social justice, or policies aimed at aiding the poor. Similarly, Philip Morgan, Erin Cumberworth, and Christopher Wimer find no major recession effects on marriage, divorce, or cohabitation rates. They do find a decline in fertility rates, as well as increasing numbers of adult children returning home to the family nest—evidence that suggests deep pessimism about recovery. This protracted slump—marked by steep unemployment, profound destruction of wealth, and sluggish consumer activity—will likely continue for years to come, and more pronounced effects may surface down the road. The contributors note that, to date, this crisis has not yet generated broad shifts in lifestyle and attitudes. But by clarifying how the recession’s early impacts have—and have not—influenced our current economic and social landscape, The Great Recession establishes an important benchmark against which to measure future change.

Download or read book Coping with Crisis written by Nancy Bermeo and published by Russell Sage Foundation. This book was released on 2012-09-06 with total page 431 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis that erupted on Wall Street in 2008 quickly cascaded throughout much of the advanced industrial world. Facing the specter of another Great Depression, policymakers across the globe responded in sharply different ways to avert an economic collapse. Why did the response to the crisis—and its impact on individual countries—vary so greatly among interdependent economies? How did political factors like public opinion and domestic interest groups shape policymaking in this moment of economic distress? Coping with Crisis offers a rigorous analysis of the choices societies made as a devastating global economic crisis unfolded. With an ambitiously broad range of inquiry, Coping with Crisis examines the interaction between international and domestic politics to shed new light on the inner workings of democratic politics. The volume opens with an engaging overview of the global crisis and the role played by international bodies like the G-20 and the WTO. In his survey of international initiatives in response to the recession, Eric Helleiner emphasizes the limits of multilateral crisis management, finding that domestic pressures were more important in reorienting fiscal policy. He also argues that unilateral decisions by national governments to hold large dollar reserves played the key role in preventing a dollar crisis, which would have considerably worsened the downturn. David R. Cameron discusses the fiscal responses of the European Union and its member states. He suggests that a profound coordination problem involving fiscal and economic policy impeded the E.U.'s ability to respond in a timely and effective manner. The volume also features several case studies and country comparisons. Nolan McCarty assesses the performance of the American political system during the crisis. He argues that the downturn did little to dampen elite polarization in the U.S.; divisions within the Democratic Party—as well as the influence of the financial sector—narrowed the range of policy options available to fight the crisis. Ben W. Ansell examines how fluctuations in housing prices in 30 developed countries affected the policy preferences of both citizens and political parties. His evidence shows that as housing prices increased, homeowners expressed preferences for both lower taxes and a smaller safety net. As more citizens supplement their day-to-day income with assets like stocks and housing, Ansell's research reveals a potentially significant trend in the formation of public opinion. Five years on, the prospects for a prolonged slump in economic activity remain high, and the policy choices going forward are contentious. But the policy changes made between 2007 and 2010 will likely constrain any new initiatives in the future. Coping with Crisis offers unmatched analysis of the decisions made in the developed world during this critical period. It is an essential read for scholars of comparative politics and anyone interested in a comprehensive account of the new international politics of austerity.

Download or read book Children of the Great Recession written by Irwin Garfinkel and published by Russell Sage Foundation. This book was released on 2016-08-21 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many working families continue to struggle in the aftermath of the Great Recession, the deepest and longest economic downturn since the Great Depression. In Children of the Great Recession, a group of leading scholars draw from a unique study of nearly 5,000 economically and ethnically diverse families in twenty cities to analyze the effects of the Great Recession on parents and young children. By exploring the discrepancies in outcomes between these families—particularly between those headed by parents with college degrees and those without—this timely book shows how the most disadvantaged families have continued to suffer as a result of the Great Recession. Several contributors examine the recession’s impact on the economic well-being of families, including changes to income, poverty levels, and economic insecurity. Irwin Garfinkel and Natasha Pilkauskas find that in cities with high unemployment rates during the recession, incomes for families with a college-educated mother fell by only about 5 percent, whereas families without college degrees experienced income losses three to four times greater. Garfinkel and Pilkauskas also show that the number of non-college-educated families enrolled in federal safety net programs—including Medicaid, the Earned Income Tax Credit, and the Supplemental Nutrition Assistance Program (or food stamps)—grew rapidly in response to the Great Recession. Other researchers examine how parents’ physical and emotional health, relationship stability, and parenting behavior changed over the course of the recession. Janet Currie and Valentina Duque find that while mothers and fathers across all education groups experienced more health problems as a result of the downturn, health disparities by education widened. Daniel Schneider, Sara McLanahan and Kristin Harknett find decreases in marriage and cohabitation rates among less-educated families, and Ronald Mincy and Elia de la Cruz-Toledo show that as unemployment rates increased, nonresident fathers’ child support payments decreased. William Schneider, Jeanne Brooks-Gunn, and Jane Waldfogel show that fluctuations in unemployment rates negatively affected parenting quality and child well-being, particularly for families where the mother did not have a four-year college degree. Although the recession affected most Americans, Children of the Great Recession reveals how vulnerable parents and children paid a higher price. The research in this volume suggests that policies that boost college access and reinforce the safety net could help protect disadvantaged families in times of economic crisis.

Download or read book The Great Recession written by Jacob Braude and published by MIT Press. This book was released on 2013 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt: Here, experts assess the role of central banks in responding to the recent financial crisis and in preventing future crises. The contributors focus on monetary policy, the new area of macroprudential policy, and issues of exchange rates, capital flows, and banking and financial markets.

Download or read book After the Great Recession written by Barry Z. Cynamon and published by Cambridge University Press. This book was released on 2013 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt: A collection of essays about the US Great Recession of 2007 to 2009 and the subsequent stagnation from prominent scholars.

Download or read book A Decade after the Global Recession written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-19 with total page 475 pages. Available in PDF, EPUB and Kindle. Book excerpt: This year marks the tenth anniversary of the 2009 global recession. Most emerging market and developing economies weathered the global recession relatively well, in part by using the sizable fiscal and monetary policy ammunition accumulated during prior years of strong growth. However, their growth prospects have weakened since then, and many now have less policy space. This study provides the first comprehensive stocktaking of the past decade from the perspective of emerging market and developing economies. Many of these economies have now become more vulnerable to economic shocks. The study discusses lessons from the global recession and policy options for these economies to strengthen growth and prepare for the possibility of another global downturn.

Download or read book The Budget and Economic Outlook written by and published by . This book was released on 2008 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Confronting Policy Challenges of the Great Recession written by Eskander Alvi and published by W.E. Upjohn Institute. This book was released on 2017-11-20 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a notable group of macroeconomists who describe the unprecedented events and often extraordinary policies put in place to limit the economic damage suffered during the Great Recession and then to put the economy back on track. Contributers include Barry Eichengreen; Gary Burtless; Donald Kohn; Laurence Ball, J. Bradford DeLong, and Lawrence H. Summers; and Kathryn M.E. Dominguez.

Download or read book The Global Economic Crisis written by Michel Chossudovsky and published by . This book was released on 2010 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: In all major regions of the world, the economic recession is deep-seated, resulting in mass unemployment, the collapse of state social programs and the impoverishment of millions of people. The meltdown of financial markets was the result of institutionalized fraud and financial manipulation. The economic crisis is accompanied by a worldwide process of militarization, a "war without borders" led by the U.S. and its NATO allies. This book takes the reader through the corridors of the Federal Reserve, into the plush corporate boardrooms on Wall Street where far-reaching financial transactions are routinely undertaken. Each of the authors in this timely collection digs beneath the gilded surface to reveal a complex web of deceit and media distortion which serves to conceal the workings of the global economic system and its devastating impacts on people's lives.

Download or read book The Great Recession written by Robert L. Hetzel and published by Cambridge University Press. This book was released on 2012-04-16 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since publication of Hetzel's The Monetary Policy of the Federal Reserve (Cambridge University Press, 2008), the intellectual consensus that had characterized macroeconomics has disappeared. That consensus emphasized efficient markets, rational expectations and the efficacy of the price system in assuring macroeconomic stability. The 2008–9 recession not only destroyed the professional consensus about the kinds of models required to understand cyclical fluctuations but also revived the credit-cycle or asset-bubble explanations of recession that dominated thinking in the nineteenth century and the first half of the twentieth century. These 'market-disorder' views emphasize excessive risk taking in financial markets and the need for government regulation. The present book argues for the alternative 'monetary-disorder' view of recessions. A review of cyclical instability over the last two centuries places the 2008–9 recession in the monetary-disorder tradition, which focuses on the monetary instability created by central banks rather than on a boom-bust cycle in financial markets.

Download or read book The Return of Depression Economics written by Paul R. Krugman and published by W. W. Norton & Company. This book was released on 1999 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author of "The Age of Diminished Expectations" returns with a sobering tour of the global economic crises of the last two years.

Download or read book OECD Insights From Crisis to Recovery The Causes Course and Consequences of the Great Recession written by Keeley Brian and published by OECD Publishing. This book was released on 2010-09-10 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: From Crisis to Recovery traces the causes, course and consequences of the “Great Recession”. It explains how a global build up of liquidity, coupled with poor regulation, created a financial crisis that quickly began to make itself felt in the real economy.

Download or read book Slowdown written by Danny Dorling and published by Yale University Press. This book was released on 2020-03-31 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: The end of our high-growth world was underway well before COVID-19 arrived. In this powerful and timely argument, Danny Dorling demonstrates the benefits of a larger, ongoing societal slowdown Drawing from an incredibly rich trove of global data, this groundbreaking book reveals that human progress has been slowing down since the early 1970s. Danny Dorling uses compelling visualizations to illustrate how fertility rates, growth in GDP per person, and even the frequency of new social movements have all steadily declined over the last few generations. Perhaps most surprising of all is the fact that even as new technologies frequently reshape our everyday lives and are widely believed to be propelling our civilization into new and uncharted waters, the rate of technological progress is also rapidly dropping. Rather than lament this turn of events, Dorling embraces it as a moment of promise and a move toward stability, and he notes that many of the older great strides in progress that have defined recent history also brought with them widespread warfare, divided societies, and massive inequality.

Download or read book Hall of Mirrors written by Barry J. Eichengreen and published by Oxford University Press, USA. This book was released on 2015 with total page 521 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A brilliantly conceived dual-track account of the two greatest economic crises of the last century and their consequences"--

Download or read book Realeconomik written by Grigoriĭ I︠A︡vlinskiĭ and published by Yale University Press. This book was released on 2011-01-01 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book directly confronts uncomfortable questions that many prefer to brush aside: if economists and other scholars, politicians, and business professionals understand the causes of economic crises, as they claim, then why do such damaging crises continue to occur? Can we trust business and intellectual elites who advocate the principles of Realpolitik and claim the "public good" as their priority, yet consistently favor maximization of profit over ethical issues?Former deputy prime minister of Russia Grigory Yavlinsky, an internationally respected free-market economist, makes a powerful case that the often-cited causes of global economic instability--institutional failings, wrong decisions by regulators, insufficient or incorrect information, and the like--are only secondary to a far more significant underlying cause: the failure to understand that universal social norms are essential to thriving businesses and social and economic progress. Yavlinsky explores the widespread disregard for moral values in business decisions and calls for restoration of principled behavior in politics and economic practices. The unwelcome alternative, he warns, will be a twenty-first-century global economy in the grip of unending crises.

Download or read book Paying the Price written by Mark Zandi and published by FT Press. This book was released on 2012-09-04 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: Only a few years ago, the U.S. financial system and economy were near collapse. Global financial institutions teetered and fell, while at once-mighty U.S. companies, panicked CEOs slashed jobs. The financial chaos inflicted catastrophic damage: double-digit unemployment; crashing house and stock prices; federal budget deficits in the trillions, and a wider gap between the country’s haves and have-nots. Today many Americans still feel shell-shocked. But while there remains much to be nervous and frustrated about, it is impressive how much progress has been made in righting the wrongs that got us into this mess. The economy is growing and steadily creating jobs; house prices are stable and stock prices are up; debt burdens have eased for most households and the financial system has shored up its foundations to an impressive degree. American companies are as competitive globally as they have been in a half century. This dramatic turn in the economy’s fortunes occurred because of what government did to stem the financial panic and combat the effects of Great Recession. Policymakers’ unprecedented actions – from Congress’ auto and bank bailouts and fiscal stimulus, to the Federal Reserve’s zero interest rates and quantitative easing – remain intensely controversial, but ultimately they will be judged a success. Serious problems remain, including the government’s mounting debt load and a burgeoning number of disenfranchised workers, but we are on our way to addressing them. Our economic future has arguably never been brighter.

Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.