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Chinn, Menzie David
Lost decades : the making of America's debt crisis and the long recovery / Menzie D. Chinn and Jeffry A. Frieden
Alternate Title Making of America's debt crisis and the long recovery
1st ed
New York : W.W. Norton & Co., c2011
book jacket
Location Call Number Status
 3rd Floor  HJ7537 .C45 2011    AVAILABLE
Subject(s) Debts, Public -- United States
Debts, External -- United States
Budget deficits -- United States
Subject United States -- Economic conditions -- 2009-
Subject(s) Financial crises -- United States
Physical Description xvii, 284 p. : ill. ; 25 cm
Note Includes bibliographical references (p. 227-262) and index
Contents Welcome to Argentina : how America borrowed its way into a debt crisis -- Borrowing, boom, and bust : the capital flow cycle -- Risky business models -- The death spiral -- Bailout -- Economy in shock -- The world's turn -- What is to be done?
Summary This book examines the role federal borrowing played in the economic collapse of 2008, describing the economic and political causes of the collapse, and discussing what the continuing impact of the debt and foreign borrowing will be on the United States in the twenty-first century. The authors, both political economists, explore the origins and long-term effects of the financial crisis in historical and comparative perspective. By 2008 the United States had become the biggest international borrower in world history, with almost half of its 6.4 trillion dollar federal debt in foreign hands. The proportion of foreign loans to the size of the economy put the United States in league with Mexico, Pakistan, and other third-world debtor nations. The massive inflow of foreign funds financed the booms in housing prices and consumer spending that fueled the economy until the collapse of late 2008. The authors explore the political and economic roots of this crisis as well as its long-term effects. They explain the political strategies behind the Bush administration's policy of funding massive deficits with the foreign borrowing that fed the crisis. They see the continuing impact of our huge debt in a slow recovery ahead
Alternate Author Frieden, Jeffry A

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