The Great Credit CrashMartijn Konings Most accounts of the current financial crisis tell a story of deregulation, out-of-control markets and irresponsible speculation. But few of those works have done more than regurgitate the newspaper coverage. In contrast, The Great Credit Crash digs deeper, drawing on some of the most prominent radical analysts of the modern market to foreground the key questions that are still waiting to be answered. This volume presents a more complete and convincing analysis of the recent economic disaster, which is revealed as a product of a social order built during the triumphalist years of neoliberal capitalism. The contributors assess current events and political responses, critically examining official rhetoric and hegemonic narratives to point the way to an understanding of the crisis beyond the subprime headlines. |
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accumulation American assets Bear Stearns Bernanke billion boom borrowers bubble capitalist CDOs central banks China collapse Congress consumer corporate countries created Credit Crunch credit default swaps current crisis debt decades default deficit Democratic dollar economic economists elites equity European exports Fannie Mae Fed's Federal Reserve Financial Crisis financial institutions financial markets financial system firms foreign Freddie Mac Gilded Age global capitalism global financial Goldman Sachs growth hedge funds households housing income increased industrial interest rates International investment banks investors labor Latvia Latvia's lenders levels leverage liquidity loans Mae and Freddie meltdown neoliberal NIFA Obama organized Paulson Put percent Political Economy production profits reforms regulation regulatory risk role sector securities securitization shift SIVS social speculation structural structured investment vehicles Subprime Crisis subprime lending subprime meltdown subprime mortgage trade transnational Treasury trillion wages Wall Street Washington York