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The Financial Meltdown of 2008: A Fundamentals Approach By Bernard C. Beaudreau
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Presents a fundamentals interpretation of the Financial Meltdown of 2008. Attributes it to two innovations, namely factory automation and outsourcing, both of which contributed to lowering the wage... More > income to GDP ratio, thus resulting in underincome. Underincome describes a situation in which markets are unable to monetize output (profits being a residual form of income), leading to stagnation, recession and ultimately, depression. Financial innovation begun in earnest in the early 1980's attempted to correct the underlying weakness. Consumer credit would shore up product markets. This policy worked for a quarter century (1983-2008), but was cut short by (i) the over-endebtedness of consumers and (ii) the collapse of the housing market. Discusses the various options available to the Obama Administration.< Less
The Consumer Creditization of the U.S. Economy By Bernard C. Beaudreau
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Examines the causes of the explosion of consumer credit (consumer creditization) in the U.S. economy. Attributes it to the fallout from factory automation and outsourcing on the ability of the... More > economy to monetize output. Presents the theory of underincome and uses it to examine the rise of consumer credit in general and the various government initiatives aimed at restoring overall purchasing power. These include the Garn-St-Germain Depository Institutions Act of 1982 and the Secondary Mortgage Market Enhancement Act of 1984. Concludes by examining various alternative exchange technologies.< Less
Marx's Ruse By Bernard C. Beaudreau
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In this book, the author argues that Karl Marx's labor theory of value (based on Robert Owen's earlier theory) was essentially a ruse designed to legitimize his attempt at resolving the problem of... More > the business cycle. Evidence is presented which shows that he was well aware of the fact that the steam engine had reduced labor to a marginal factor input, overseeing the creation of material wealth. The fallout, however, was catastrophic for political economy in general, ushering in (i) a sterile and unscientific debate on the role of labor and capital in production (ii) political and intellectual division and (iii) centuries of social turmoil.< Less
ICT: The Industrial Revolution That Wasn't By Bernard C. Beaudreau
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Raises doubt about the validity of the impending "Third Industrial Revolution" based on information and communications technology. Shows using basic science that information, unlike energy,... More > is not physically productive, raising serious doubts over the ability of ICT to raise the standard of living.< Less
1929 and 2008: Two Crashes, One Cause By Bernard C. Beaudreau
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Draws parallels between the Financial Meltdown of 2008 and the Stock Market Crash of 1929. Argues that both were ultimately the result of technological change with electrification being the root... More > cause of the Stock Market Crash of 1929 and factory automation and outsourcing being the cause of the current financial meltdown/crash. Shows how in both cases, money income was insufficient to sustain full employment and how Republican Administrations set out to resolve the problem (Hoover with commercial policy in 1929, Reagan and Bush in the 1980's with disguised fiscal policy in the form of mortgage securitization). Provides estimates of the income and expenditure shortfall from 1984 to 2009 in the range of $5 to $7 Trillion, which is shown to correspond to the extent of the sub-prime mortgage debacle. Concludes by discussing the various policy options available to the Obama Administration.< Less
1929 and 2008: Two Crashes, One Cause By Bernard C. Beaudreau
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Draws parallels between the Financial Meltdown of 2008 and the Stock Market Crash of 1929. Argues that both were ultimately the result of technological change with electrification being the root... More > cause of the Stock Market Crash of 1929 and factory automation and outsourcing being the cause of the current financial meltdown/crash. Shows how in both cases, money income was insufficient to sustain full employment and how Republican Administrations set out to resolve the problem (Hoover with commercial policy in 1929, Reagan and Bush in the 1980's with disguised fiscal policy in the form of mortgage securitization). Provides estimates of the income and expenditure shortfall from 1984 to 2009 in the range of $5 to $7 Trillion, which is shown to correspond to the extent of the sub-prime mortgage debacle. Concludes by discussing the various policy options available to the Obama Administration.< Less
How the Republicans Engineered the Stock Market Crash of 1929 and the Financial Meltdown of 2008 By Bernard C. Beaudreau
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Shows how and why the Stock Market Crash of 1929 and the Financial Meltdown of 2008 both occurred under Republican Administrations. In both cases, unsustainable policy measures aimed at increasing... More > purchasing power led to boom and bust. In the 1920's, tariff policy was used to bolster product markets; in the 1980's and 1990's, easy credit (consumer and mortgage) policies were used to do likewise. Both proved to be unsustainable, leading ultimately to financial meltdowns---the Stock Market Crash of 1929 and the Financial Meltdown of 2008.< Less
The Consumer Creditization of the World Economy By Bernard C. Beaudreau
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Consumer credit has literally exploded in mature and emerging markets, prompting a number of questions, namely why? Why have the G-6 countries become increasingly dependent on growing consumer... More > indebtedness to sustain output, employment and growth? This book attempts to answer this and related questions. Specifically, it points to two technology shocks, namely factory automation and outsourcing as the leading cause.< Less
Energy and Organization By Bernard C. Beaudreau
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Provides an alternative approach to modeling material processes in economics. Argues that material wealth (GDP) is an increasing function of two universal factor inputs, namely broadly-defined energy... More > and broadly-defined organization. Uses the results to examine the productivity slowdown, the ICT revolution and the phenomenon of outsourcing. The latter is attributed to a desire on the part of firms/shareholders to capture a greater share of the relevant energy rents.< Less
Interregional and International Trade By Bernard C. Beaudreau
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Provides a network approach to understanding trade and trade policy from Antiquity to the present. Argues that trade has occurred, is occurring, and will continue to occur within well-defined, stable... More > networks (e.g. empires, multinational firms, free-trade areas). Is able to rationalize the many puzzles that currrently plague international economics. Results can be generalized to all trade activity, ranging from economic to social, to political.< Less