SUMMARY AND ANALYSIS OF THE END OF NORMAL BY STEPHANIE MADOFF MACK

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NOTE : This is just a SUMMARY AND ANALYSIS OF THE END OF NORMAL BY STEPHANIE MADOFF MACK .

The days of easy growth and full employment are passed, according to a well-known economist.

While many blamed the government or the banks, others blamed income inequality or income disparity. Either way, experts were scrambling to "explain" the financial disaster that occurred in 2008. Almost everyone has provided suggestions for reviving the economy, and almost everyone takes the long-term growth rate that has been in place since World War II's end as usual. Galbraith disagrees with the authors' findings. At times, he aims both lefts- and right-wing economists, slamming them for their insularity, their lack of readiness to broaden their horizons, as well as for not acknowledging their theoretical models lie on profoundly different ground. The international economy is no longer under the financial or military control of the United States and its allies, he argues, with energy markets that are expensive and unstable, new technologies that kill more jobs than they generate, and the private financial sector that is no longer driving growth. It is hard to maintain post-WWII growth rates in these new settings. If we wish for a lengthy period of "slow growth," we'll have to accept that we'll have to adapt "materially and mentally" to the idea of "slow, stable, positive growth for a long time." Some of Galbraith's prescriptions are sure to draw fire, but his powerful style and admittedly daring recommendations welcome debate. If you're a student of economics, you'll appreciate the ferocity with which he attacks some of the field's most renowned thinkers.

"A radically altered type of capitalism" for the 21st century is a clear-eyed, though disturbing, assessment of the new normal.

NOTE : This is just a SUMMARY AND ANALYSIS OF THE END OF NORMAL BY STEPHANIE MADOFF MACK .