The Global Financial Crisis and the Return to Economic Growth
The United States and advanced world economies are mired in the worst economic crisis in 80 years. Economic growth is anemic, unemployment is rife, and major economies are paralyzed by high sovereign debt. There seems to be no way out of this mess. This book is a unique analysis of the Global Economic Crisis from the perspectives of both economics and law. By understanding the nature of the crisis, its causes, and how our national leaders have failed us, we can formulate a comprehensive strategy of debt reduction, investment, and reform necessary to restore health to the American and world economies. Chapter 1 presents the stark reality of the economic conditions in the United States and in traditional developed countries, the European Union (EU) and Japan. In contrast, a group of about 30 nations including China and India are growing at rates of between 4 and 10 percent each year. The Global Economic Crisis is not simply a normal business cycle downturn, but an event that may change the course of the economic order in the world. The United States and the developed world face an Age of Austerity, a long period of stagnant growth and chronic unemployment unless bold new initiatives are undertaken. Chapter 2 explains how understanding the course of the financial crisis is important, not only for historical reasons, but to realize that the crisis is not a single event but actually seven distinct interacting crises, each of which are still with us to some degree. Politicians...