The End of Normal: The Great Crisis and the Future of Growth

The End of Normal: The Great Crisis and the Future of Growth

From one of the most respected economic thinkers and writers of our time, a brilliant argument about the history and future of economic growth.

The years since the Great Crisis of 2008 have seen slow growth, high unemployment, falling home values, chronic deficits, a deepening disaster in Europeâ€”and a stale argument between two false solutions, â€œausterityâ€ on one side and â€œstimulusâ€ on the other. Both sides and practically all analyses of the crisis so far take for granted that the economic growth from the early 1950s until 2000â€”interrupted only by the troubled 1970sâ€”represented a normal performance. From this perspective, the crisis was an interruption, caused by bad policy or bad people, and full recovery is to be expected if the cause is corrected.

The End of Normal challenges this view. Placing the crisis in perspective, Galbraith argues that the 1970s already ended the age of easy growth. The 1980s and 1990s saw only uneven growth, with rising inequality within and between countries. And the 2000s saw the end even of thatâ€”despite frantic efforts to keep growth going with tax cuts, war spending, and financial deregulation. When the crisis finally came, stimulus and automatic stabilization were able to place a floor under economic collapse. But they are not able to bring about a return to high growth and full employment. In The End of Normal, â€œGalbraith puts his pessimism into an engaging, plausible frame. His contentions deserve the attention of all economists and serious financial minds across the political spectrumâ€ (Publishers Weekly, starred review).
Country USA
Manufacturer Simon & Schuster
Binding Kindle Edition
ReleaseDate 2014-09-09
Format Kindle eBook

Country	USA
Manufacturer	Simon & Schuster
Binding	Kindle Edition
ReleaseDate	2014-09-09
Format	Kindle eBook

The End of Normal: The Great Crisis and the Future of Growth

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