From Financial Crisis to Stagnation

Thomas Palley is an economist living in Washington, DC. He is currently an Associate of the Economic Growth Program of the New America Foundation in Washington, DC. He was formerly Chief Economist with the US-China Economic and Security Review Commission. Prior to joining the Commission he served as Director of the Open Society Institute's Globalization Reform Project and as Assistant Director of Public Policy at the AFL-CIO. Dr Palley is the author of Plenty of Nothing: The Downsizing of the American Dream and the Case for Structural Keynesianism (1993) and Post Keynesian Economics (1996). He has published in numerous academic journals and written for The Atlantic Monthly, American Prospect, and Nation magazines. His numerous op-eds are posted on his website thomaspalley.com. He holds a BA from the University of Oxford and an MA in International Relations and PhD in Economics from Yale University.

Offers a novel explanation of the financial crisis and Great Recession that emphasizes the destruction of shared prosperity over the past thirty years.

Preface; Part I. Origins of the Great Recession: 1. Goodbye financial crash, hello stagnation; 2. The tragedy of bad ideas; 3. Overview: three perspectives on the crisis; 4. America's exhausted paradigm: macroeconomic causes of the crisis; 5. The role of finance; 6. Myths and fallacies about the crisis: stories about the domestic economy; 7. Myths and fallacies about the crisis: stories about the international economy; Part II. Avoiding a Great Stagnation: 8. The coming Great Stagnation; 9. Avoiding a Great Stagnation: rethinking the paradigm; 10. The challenge of corporate globalization; 11. Economists and the crisis: bad ideas revisited; 12. Markets and the common good: time for a great rebalancing.