The Age of Stagnation

The Age of Stagnation

Why Perpetual Growth Is Unattainable and the Global Economy Is in Peril

Book - 2016
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Random House, Inc.
The global economy is entering an era of protracted stagnation, similar to what Japan has experienced for over a decade. That is the message of this brilliant and controversial summary of our current economic predicament from an internationally respected consultant and commentator on financial markets, who predicted the great crash of 2006. The author challenges the assumption that growth can be perpetual and questions the ability of political leaders to enact the tough structural changes needed. He is particularly critical of the "easy money" approach to dealing with the great recession of 2008, citing the dangers of excessive debt and deep-seated fundamental imbalances. The fallout of these poor policies, he argues, will affect not only the business sector, but the lifestyles and prosperity of average citizens and future generations.

The author concludes with a thought experiment illustrating the large-scale changes that will be necessary to restore economic, financial, and social sustainability. This experiment has already been tried in Iceland, which went bankrupt in the wake of the 2008 crisis, and now, after a painful adjustment, is on the road to recovery.

Written for the lay reader and peppered with witty anecdotes, this immensely readable book clearly explains the missteps that created the current dilemma, why a recovery has proved elusive, and the difficult remedies that must eventually be applied to ensure a stable future.

Baker & Taylor
"The global economy is entering an era of protracted stagnation, similar to what Japan has experienced for over a decade. That is the message of this brilliant and controversial summary of our current economic predicament from an internationally respected consultant and commentator on financial markets, who predicted the Global Financial Crisis of 2008. The author challenges the assumption that growth can be perpetual and questions the ability of political leaders to enact the tough structural changes needed. He is particularly critical of the "easy money" approach to dealing with the great recession of 2008, citing the dangers of excessive debt and deep-seated fundamental imbalances. The fallout of these poor policies, he argues, will affect not only the business sector, but also the lifestyles and prosperity of average citizens and future generations. The author concludes with a thought experiment illustrating the large-scale changes that will be necessary to restore economic, financial, and social sustainability. This experiment has already been tried in Iceland, which went bankrupt in the wake of the 2008 crisis, and now, after a painful adjustment, is on the road to recovery. Written for the lay reader and peppered with witty anecdotes, this immensely readable book clearly explains the missteps that created the current dilemma, why a recovery has proved elusive, and the difficult remedies that must eventually be applied to ensure a stable future"--

Book News
Discussing the global economy, Das says that the first problem is financialization--replacing real wealth production with trading money back and forth, but others are lower population growth, aging populations, slower increases in productivity and innovation, looming shortages of critical resources such as water and energy, climate change and extreme weather, and slower growth in international trade and capital flows. Among the changes he thinks necessary are declining living standards in real terms, people saving more and consuming less, longer working lives, rising taxes and fees, a greater emphasis on the real economy, and the return of financial institutions to their actual role of supporting goods and services. Annotation ©2016 Ringgold, Inc., Portland, OR (protoview.com)

Publisher: Amherst, N.Y. : Prometheus Books, 2016, c2015
ISBN: 9781633881587
Branch Call Number: 330.9 DAS
Characteristics: x, 337 p. ;,24 cm.
Alternative Title: Banquet of consequences

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StarGladiator
Feb 11, 2016

This wasn't a bad book, I would recommend it, but not with any burning urgency. I hate to suggest any book by Satyajit Das was scattered, but it is somewhat all over the place; not really on track or well focused? Nothing of any particular brilliance - - three books I would heartily recommend for absolute comprehension are: The Devil's Chessboard, by David Talbot ||| Dark Money, by Jane Mayer ||| Killing the Host, by Michael Hudson - - with these three you should understand just about everything! [I did learn about the Guardian article with Nichole Gracely: It's better to be homeless than work for Amazon - - hadn't yet read that!]

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