1st Edition

Understanding the Great Recession A Pluralist Approach to US Capitalism in the 21st Century

By Jared M. Ragusett Copyright 2024
    286 Pages 1 Color & 47 B/W Illustrations
    by Routledge

    286 Pages 1 Color & 47 B/W Illustrations
    by Routledge

    286 Pages 1 Color & 47 B/W Illustrations
    by Routledge

    The Great Recession, including the preceding events and the subsequent recovery period, has been the dominant feature of US capitalism in the 21st century. But what can we learn about economic behavior, policies, and relationships by studying this period of marked general decline? Understanding the Great Recession seeks to answer this question by facilitating an advanced theoretical and practical understanding of the Great Recession, using multiple approaches to economic analysis.

    This textbook uses the Great Recession as a case study for understanding economic concepts, the conduct of policymaking, and competing schools of economic thought. It introduces readers to multiple perspectives on the crisis, including feminist, institutionalist, Marxian, monetarist, neoclassical, post-Keynesian, and stratification economics, amongst others. Divided into four parts, the textbook begins by introducing readers to the headline events of the crisis, and the major differences between neoclassical and heterodox economics. The second part investigates the lead-up to the crisis, beginning with the long-term restructuring of capitalism following the Great Depression, the housing market bubble, and the transmission of the 2008 financial crisis. The third part investigates the policy responses to the crisis, such as financial reform, monetary policy, and fiscal policy. In the final part, economic performance, the shift toward populism, and policy developments during the recovery are all analyzed.

    Providing the basis for understanding the long-term trajectory of capitalism today, this book is an invaluable resource for students of economics, public policy, and other related fields.

    Part I: Understanding the Economic Crisis

    1. Introduction to the Great Recession

    Part II: The Road to the Great Recession

    2. The US Economy prior to 2008

    3. The Housing Bubble

    4. Financial Structure, Financial Crisis, and the Bailout

    5. Explanations of the Economic Crisis

    Part III: Policy Responses to the Great Recession

    6. Financial Reform

    7. Monetary Policy

    8. Fiscal Policy

    Part IV: The Recovery from the Great Recession

    9. The Wall Street Comeback

    10. Inequality and Jobs


    Jared M. Ragusett, Associate Professor of Economics, Central Connecticut State University, United States.