The Great Financial Crisis Causes And Consequences

BOOK REVIEW: Foster, J. B., Magdoff, F. (2009). The great financial crisis: Causes and consequences. New York: Monthly Review Press. Cesar Becerra POLS 3394 04/15/2016 â€Å"The Great Financial Crisis: Causes and Consequences† By John Bellamy Foster and Fred Magdoff Monthly Review Press, 2009, 160 pages Introduction John Bellamy Foster is the editor of the Monthly Review, a professor of sociology at the University of Oregon and the author of many books, including The Theory of Naked Capitalism. Co-author Fred Magdoff taught at the University of Vermont in Burlington, is a director of the Monthly Review Foundation, and has written on political economy for a majority of his career. In â€Å"The Great Financial Crisis: Causes and Consequences†, Foster and Magdoff present a rigorous and undoubtedly necessary historical and broad-minded perspective of the capitalist system out of control. They argue that the present-day financial collapse is a logical consequence of the contradictions of monopoly finance capital - contradictions that are reflected in the like processes of financialization and stagnation that have dominated the development of the U. S. economy in the recent decades. These political scientists present convincing evidence that the financial crisis of ‘08, with analytical predictions of 2009 and the years that follow, is one of the great catastrophes of modern neoliberal capitalism. Thesis and Structure According to the mainstream media, the financial crisis and theShow MoreRelatedFinancial Crisis Of A Single Country1671 Words   |  7 Pages Table of Contents Summary 2 Financial crisis 3 Impact of financial crisis 4 Effect of financial crisis on different on the economies of different countries 5 Mathematical problems 6 Conclusiom 8 References ..................................................................................................................................................9 Summary Financial crisis has long been a part of global economic recession throughout the history. Here, the purpose of this assignmentRead MoreThe World Experienced A Tremendous Financial Crisis Essay1131 Words   |  5 Pagestremendous financial crisis which rooted from the U.S housing market; moreover, it is considered by many economists as one of the worst recession since the Great Depression in 1930s. 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