The Great Financial Crash had cataclysmic effects on the global economy, and took conventional economists completely by surprise. Many leading commentators declared shortly before the crisis that the magical recipe for eternal stability had been found. Less than a year later, the biggest economic crisis since the Great Depression erupted.
In this explosive book, Steve Keen, one of the very few economists who anticipated the crash, shows why the self-declared experts were wrong and how ever-rising levels of private debt make another financial crisis almost inevitable unless politicians tackle the real dynamics causing financial instability. He also identifies the economies that have become 'The Walking Dead of Debt', and those that are next in line - including Australia, Belgium, China, Canada and South Korea.
A major intervention by a fearlessly iconoclastic figure, this book is essential reading for anyone who wants to understand the true nature of the global economic system.
Country of Publication:
Series: The Future of Capitalism
07 April 2017
Professional and scholarly
Acknowledgements List of Tables and Figures 1. From Triumph to Crisis in Economics 2. Microeconomics, Macroeconomics and Complexity 3. The Lull and The Storm 4. The Smoking Gun of Credit 5. The Political Economy of Private Debt 6. A Cynic s Conclusion Endnotes Bibliography
Steve Keen is Professor of Economics and Head of the School of Economics, Politics and History at Kingston University.
Reviews for Can We Avoid Another Financial Crisis?
No one is more qualified than Steve Keen to answer the question 'Can we avoid another financial crisis?' with more than a single word. Read this book! Yanis Varoufakis, former Finance Minister of Greece Steve Keen explains why the financial crisis occurred, and why it can't just get better on its own. He also explains in a hilarious and absolutely justified takedown why mainstream economists have a 'trained incapacity' in being unable to understand why the economy has broken down and hence, why they don't have a real solution. Michael Hudson, University of Missouri-Kansas City In this compelling book, Steve Keen models the Minksy maxim that 'stability breeds instability' and that the 'Great Moderation' was in fact a great delusion. He also documents, to brutal effect, the foolish complacency of mainstream macroeconomists, when it mattered. James K. Galbraith, author of Welcome to the Poisoned Chalice: the Destruction of Greece and the Future of Europe