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The Great Financial Crisis: Causes and Consequences
 
 
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The Great Financial Crisis: Causes and Consequences [Hardcover]

John Bellamy Foster , Fred Magdoff
4.3 out of 5 stars  See all reviews (6 customer reviews)
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Product details

  • Hardcover: 144 pages
  • Publisher: Monthly Review Press (10 Jan 2009)
  • Language English
  • ISBN-10: 1583671854
  • ISBN-13: 978-1583671856
  • Product Dimensions: 20.4 x 14.7 x 1.5 cm
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (6 customer reviews)

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John Bellamy Foster
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Customer Reviews

Most Helpful Customer Reviews
7 of 7 people found the following review helpful
A must read! 3 Nov 2009
By B Green
Format:Paperback
If you want an alternative [Marxist] explanation of the reality of this great financial crisis and what might be done about it, this is your book. Though I should warn from my own experience that if you are not familiar with some financial, economics, banking, etc. terms you might find it a bit difficult to understand some 'complicated' sentences and graphs. Nevertheless, general argument is clear and cogent "if the goal is to advance the needs of humanity as a whole, the world will sooner or later have to embrace an alternative system [SOCIALISM!!]. There is no other way."
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7 of 7 people found the following review helpful
By C. Vink
Format:Paperback
This book presents a clear Marxian case for the root cause of the economic crisis. Although many will disagree with the policies the authors suggest, their analysis is solid and supported with relevant data. Highly recommended as a refreshing alternative to the Keynesian and monetarist explanations for the crisis (anybody know what they are, by the way?)
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3 of 3 people found the following review helpful
Format:Paperback
When I was looking for a book about the recent financial crisis I was looking for a book which would explain in detail the attributed causes of it: subprime mortgages, housing bubble, etc. This book is much more than that: it explains the flaws in capitalism and how the failures in the system led to this economy depression (and others in the past). It shows how the explosion of debt in the USA and the financialization of the economy are only consequences of a capitalism's flaw: its tendency is towards stagnation, and not growth as popularly believed.

A great book: if the widely-known economists read and understood this book (and finally opened their eyes), maybe then we could shift the widely accepted paradigm of neoclassic macroeconomics (which doesn't have anything to do with reality and is more apparent today than ever) to a real understanding of the flaws in capitalism and finally do something about it. Or else governments can keep bailing out, and expand the already monstruous USA's debt, while the working class keeps getting lower real wages and more debts, unemployment and underemployment goes up and the inequality between rich and poor gets wider and wider.
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