About this item
In the fall of 2008, the United States was plunged into a financial crisis more severe than any since the Great Depression. As banks collapsed and the state scrambled to organize one of the largest transfers of wealth in history, many—including economists and financial experts—were shocked by the speed at which events unfolded.In this new book, John Bellamy Foster and Fred Magdoff offer a bold analysis of the financial meltdown, how it developed, and the implications for the future. They examine the specifics of the housing bubble and the credit crunch as well as situate current events within a broader crisis of monopoly-finance capitalism—one that has been gestating for several decades. It is the "real" productive economy's tendency toward stagnation, they argue, that creates a need for capital to find ways to profitably invest its surplus.
About the Author
John Bellamy Foster is editor of the independent socialist magazine Monthly Review. He is professor of sociology at the University of Oregon and author of The Ecological Revolution, The Great Financial Crisis (with Fred Magdoff) , Critique of Intelligent Design (with Brett Clark and Richard York) , Naked Imperialism, Ecology Against Capitalism, Marx's Ecology, The Vulnerable Planet, and The Theory of Monopoly Capitalism.
