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What is Good for Goldman Sachs is Good for America The Origins of the Present Crisis

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  • Brenner, Robert

Abstract

Robert Brenner outlines the long-term causes of the present economic crisis. Rather than understanding the current downturn as merely a function of financial incompetence and miscalculation, he demonstrates that the US economy and that of the G7 has been slower growth in most of the major indices with each passing business cycle since the 1970s. In the last two cycles, asset bubbles inclined US consumers to take on more debt in order to spend and achieve limited GDP growth. Brenner outlines in detail how and why the financial sector played a key role in the creation and inflation of debt bubbles with new financial instruments. The implications for the US and the global economy are also outlined including the US current account deficit, trade imbalances, the rise of China and the East Asian economies as well as declining investment in the real economy and overcapacity in manufacturing worldwide.

Suggested Citation

  • Brenner, Robert, 2009. "What is Good for Goldman Sachs is Good for America The Origins of the Present Crisis," Institute for Social Science Research, Working Paper Series qt0sg0782h, Institute for Social Science Research, UCLA.
    • Handle: RePEc:cdl:issres:qt0sg0782h
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    Citations

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    Cited by:

    1. Thomas Goda, 2013. "The role of income inequality in crisis theories and in the subprime crisis," Working Papers PKWP1305, Post Keynesian Economics Society (PKES).
    2. John Posey, 2011. "The Local Economy Movement: An Alternative to Neoliberalism?," Forum for Social Economics, Taylor & Francis Journals, vol. 40(3), pages 299-312, January.
    3. Goda, Thomas & Onaran, Özlem & Stockhammer, Engelbert, 2014. "A case for redistribution? income inequality and wealth concentration in the recent crisis," Greenwich Papers in Political Economy 14056, University of Greenwich, Greenwich Political Economy Research Centre.
    4. John Posey, 2011. "The Local Economy Movement: An Alternative to Neoliberalism?," Forum for Social Economics, Springer;The Association for Social Economics, vol. 40(3), pages 299-312, October.
    5. Gutierrez Garza, Ana Paola, 2019. "Te lo tienes que currar: enacting an ethics of care in times of austerity," LSE Research Online Documents on Economics 102294, London School of Economics and Political Science, LSE Library.
    6. Jaime Palomera, 2014. "How Did Finance Capital Infiltrate the World of the Urban Poor? Homeownership and Social Fragmentation in a Spanish Neighborhood," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 38(1), pages 218-235, January.
    7. Lorenzo Esposito & Daniele Tori, 2022. "Guerra e moneta: come il conflitto in Ucraina cambiera' il sistema monetario internazionale (War and money: how the war in Ukraine will change the international monetary system)," Moneta e Credito, Economia civile, vol. 75(298), pages 163-183.
    8. William Jefferies, 2015. "On the Alleged Stagnation of Capitalism," Review of Radical Political Economics, Union for Radical Political Economics, vol. 47(4), pages 588-607, December.
    9. Thomas Goda, 2017. "A comparative review of the role of income inequality in economic crisis theories and its contribution to the financial crisis of 2007-2009," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, vol. 9(1), pages 151-174, February.
    10. Bregje van Eekelen, 2015. "Knowledge for the West, Production for the Rest?," Journal of Cultural Economy, Taylor & Francis Journals, vol. 8(4), pages 479-500, August.

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