The politics of recession
By: Maurice Mullard
Publisher: Edward Elgar
Published: 2011
Place of publication: Cheltenham, UK; Northampton, MA
Language: eng
Number of pages: 252
ISBN-13: 9781848448711; 9781781001127
Subjects: Global Financial Crisis, 2008-2009; Recessions; Political aspects
Description: "Maurice Mullard points out that recessions are not collective shared experiences. Recessions create winners and losers. Furthermore, recessions are not an external event but reflect the outcomes of the policy process. The author looks beyond economic explanations for the economic crisis, and instead points towards a structural explanation. He explores the concept of social structures, the effects of the relationships between power and influence, and the role of ideology and income inequalities as contributory factors. The commitment to deregulated financial markets created an over the counter derivatives market worth some $640 trillion dollars compared to a global GDP worth $65 trillion dollars. The growth of derivatives markets, the role of credit rating agencies, major shifts in policy making and growing income inequalities are described as major factors explaining the present economic recession. The absence of a public interest perspective, the breakdown of trust in institutions, policy makers dependence on financial contributions, the housing bubble, and the increased concentration of income have distorted the democratic process."--Publisher.
Notes: Includes bibliographical references and index.