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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
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
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
How the Republicans Engineered the Stock Market Crash of 1929 and the Financial Meltdown of 2008 By Bernard C. Beaudreau
Paperback: $19.95
Ships in 3-5 business days
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 Financial Meltdown of 2008: A Fundamentals Approach By Bernard C. Beaudreau
Paperback: $19.95
Ships in 3-5 business days
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
Globalization as Energy Rent Seeking By Bernard C. Beaudreau
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Provides an alternative account of the forces underlying globalization. Argues that energy rents in general and the search for new sources of energy rents following the productivity slowdown in the... More > 1980s in particular lie at the root of globalization. Prior to the two energy crises (1973 and 1979), energy rents were generated by massive energy deepening. Wanting to restore growth levels in their aftermath, the West turned to globalization as a means of increasing energy availability and energy rents. It is shown that while globalization has restored energy rents to investors, it has failed to restore growth to its former level (i.e. pre-Productivity Slowdown). Also, it has prompted the transfer of massive energy rents from the South to the North as the result of the delocalization of manufacturing (i.e. from the North to the South).< Less