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The US External Imbalance and the Dollar: A Long-Term View

In: The Post ‘Great Recession’ US Economy

Author

Listed:
  • Philip Arestis
  • Elias Karakitsos

Abstract

Throughout this book it has been argued repeatedly that the failure of current economic theory and policy to appreciate that asset-led cycles are different from the demand cycles of the 1950s and 1960s and the supply cycles of the 1970s and 1980s has made each of the last three cycles worse than the previous ones. This is clearly an unstable situation that gives rise to successive bubbles, each one being bigger than the previous one and each recession being worse than the one before. This instability is best reflected in increasing imbalances in various sectors. In this chapter we analyse the US external imbalance, which has widened in each of the last three cycles confirming the aforementioned instability, and its implications for the economy and the dollar.

Suggested Citation

  • Philip Arestis & Elias Karakitsos, 2010. "The US External Imbalance and the Dollar: A Long-Term View," Palgrave Macmillan Books, in: The Post ‘Great Recession’ US Economy, chapter 10, pages 239-272, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-27610-9_10
    DOI: 10.1057/9780230276109_10
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