Genesis of the Financial Crisis

Hardcover | June 1, 2012

byR. MacDonald

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A complete and accessible explanation of the factors contributing to the onset of the 2007 financial and economic crisis. The myriad factors are explained in an orderly way with simple terms. The anticipation (or not) and reception of the crisis by mainstream economists and by Austrian economics leads to reflection on the state of economic theory. 

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A complete and accessible explanation of the factors contributing to the onset of the 2007 financial and economic crisis. The myriad factors are explained in an orderly way with simple terms. The anticipation (or not) and reception of the crisis by mainstream economists and by Austrian economics leads to reflection on the state of eco...

RODERICK MACDONALD is a professor of Management and Technology at the École des sciences de la gestion (UQAM), Canada. He has published books and articles on business strategy in new industries, fundamental economic notions used in business and moral analysis in management.

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Format:HardcoverDimensions:192 pages, 8.5 × 5.51 × 0.03 inPublished:June 1, 2012Publisher:Palgrave Macmillan UKLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0230298532

ISBN - 13:9780230298538

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Table of Contents

Foreword and AcknowledgementsPART I: THE CRISIS OF 2007-2010The Nature and Effects of the 2007-2010 Crisis and Ways to Resolve ItThe Nature of the 2007 Financial CrisisAn Overview of the 'Financial Sector'Was this a Crisis for Everyone?Some Effects of the Toxic AssetsFirst Effect: Difficulties in Routine Economic TransactionsSecond Effect: Shrinkage of Habitual Sources of FinancingThird Effect: Deflation Why we should Care: What Happens if there is No Bailout -the Mainstream ViewAn Alternative View on the Crisis: Austrian EconomicsPART II: THE GENESIS OF THE CRISISThe Roots of the Crisis Some Basics About Shelter and Home OwnershipThe Historical ContextThe Mechanics of the CrisisInvestment Banking and Various Fund ManagersMortgages and the Hierarchy of Markets: from Construction to Mortgage Backed SecuritiesSecuritizationImperfectionsThree Chronologies and the Genesis of the 2007-2010 CrisisOverviewChronology of U.S. Government Interventions in HousingSpasms in US HousingThe ABCP (Securitization) Bubble that Preceded the 2007 Financial CrisisSecuritiesThe Ball of Yarn UnravelsConclusionPART III: REMEDIES AND REPARTEEThe Crisis Response of the Main Actors: Ben Bernanke and Timothy GeithnerA Survey of Opinions 1 - Saltwater EconomistsSaltwater Economist Number One: Paul KrugmanSaltwater Economist Number Two: Joseph StiglitzA survey of Opinions 2 - Freshwater Economists and Austrian EconomistsIntroduction Freshwater Economist Number One: Luigi ZingalesFreshwater Economist Number Two: John CochraneAustrian EconomistsAustrian Economists on the BailoutPeter Schiff on StimulusPopular OpinionRather than a Conclusion, more QuestionsAnalysis: What Economists SawAction: What Economists ProposedBibliographyIndex