About this item
Since the financial meltdown of 2008, economists, journalists, and politicians have uniformly insisted that to restore the American Dream and renew economic growth, we need to save more and spend less. In his provocative new book, historian James Livingston—author of the classic Origins of the Federal Reserve System—breaks from the consensus to argue that underconsumption caused the current crisis and will prolong it. By viewing the Great Recession through the prism of the Great Depression, Livingston proves that private investment is not the engine of growth we assume it to be. Tax cuts for business are therefore a recipe for disaster. If our goal is to reproduce the economic growth of the postwar era, we need a redistribution of income that reduces corporate profits, raises wages, and promotes consumer spending.
About the Author
James Livingston has taught history at Rutgers since 1988. Before then, he taught at a community college, a maximum-security prison, a small liberal-arts college, and three state universities. He's the author of five books, beginning with Origins of the Federal Reserve System (1986) , on topics in economic, intellectual, social, and cultural history. His published essays include studies of Shakespeare, banking reform, cartoon politics, pragmatism, diplomatic history, Marxism, slavery and modernity, feminism, corporations and cultural studies, psychoanalysis, capitalism and socialism. He lives in New York City.
