The Credit Crunch: Housing Bubbles, Globalisation and the Worldwide Economic Crisis

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Binding: Paperback Dewey Decimal Number: 330 EAN: 9780745328102 ISBN: 0745328105 Label: Pluto Press Number Of Items: 1 Number Of Pages: 238 Publication Date: 2008-06-20 Publisher: Pluto Press Studio: Pluto Press
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Spotlight customer reviews: Customer Rating: Summary: A difficult read Comment: I found this very hard to get through - probably because I probably am one of those pro-business zealots. Just reading the introduction will give you a very good idea of the book to come:- polemics against evil business; weak, poorly argued points built on data that don't always support the point; and breathless repetition of the same arguments and the same polemics. For someone not brought up on Marxist economics, it all gets very tiring and tiresome. But there is value here. While most people reading the book will know about Japan's deflationary problems in the '90s, it is useful to have it told again in reasonable detail. And the sections on global capital flows are interesting and provoke thought. But in the end I was convinced neither that the author's reading of the credit crunch was useful or correct, nor that he had any useful answers. It may just be my zealotry clouding my reading, but I think there are better and more useful books on the subject. Customer Rating: Summary: Credit Crunch Comment: I found this in an incredibly informative and insightful book about the present economic situation. It makes sense - though I am sure that some aspects of the book are controversial. The author challenges the reader to consider the origins of the credit crunch. The roots are found in free trade and the endless cost cutting pursuits of large corporations in advanced nations who are preoccupied with driving down costs in order to inflate their bottom line; hence the burgeoning trend towards outsourcing to low waged economies. But that is just the start. The book is highly comprehensive and readable. Customer Rating: Summary: Informative, insightful and thought provoking Comment: The outline in the Amazon `product description' above is a fair summary, but it should be stressed that there is nothing sensational or overtly political about this book. It tries to be a reasoned economic assessment of our current plight, although doubtless it will upset some `free market' and `pro-business' zealots. It is a very timely and its predictions seem to be being born out - for example on page 191 we read `the US Treasury .... will be forced to act, rescuing more banks by injecting public sector capital and, ultimately, taking many into public ownership'. I write this on the same day that the US Treasury has proposed to provide as much support as is required to `Fanny May' and `Freddie Mac' and a couple of days after the Californian bank Indy Mac was nationalised. Some may consider that the two chapters that discuss what happened to Japan after its speculative bubble went bang in 1990 have their longeuers. However, they give us some insight into how difficult it is to get out of a post bubble slump - particularly given the mindsets of economists and central bankers - and what we might have to look forward to (not a lot if Japan is anything to go by). This book should be readily understood by anybody with an interest in economic and political affairs. There are lots of clear and very informative graphs and not too much heavy economic theory. It explains a lot but is hardly cheering - perhaps Gordon Brown (of whom the author has remarked elsewhere [Spectator Business website] `I think he will go down as the worst Chancellor in history') has seen a copy - it would explain his current demeanour!

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