Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/111354
Authors: 
Evans, Trevor
Year of Publication: 
2015
Series/Report no.: 
Working Paper, Institute for International Political Economy Berlin 51/2015
Abstract: 
This study examines the development of the US economy since the prolonged recession in the early 1980s. This period was characterised by a serious weakening in the bargaining position of waged workers and a major expansion of the financial sector. Most of the economic gains accrued to top earners and economic growth became increasingly dependent on the expansion of credit. This precarious constellation led to short recessions in 1990 and again in 2001, but then in 2007 and 2008 the failure of highly complex securities led to the most serious financial crisis since 1929. The study reviews the development of profitability, income distribution and other key macroeconomic variables in the period leading up to, during and immediately after the crisis. It then identifies the main channels by which the crisis was transmitted form the US to other advanced capitalist economies and concludes with a brief review of the policy measures introduced by the US government in response to the crisis.
Subjects: 
United States
finance-led capitalism
financial crisis
JEL: 
E25
E32
E44
E58
F44
G01
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.