The credit crunch : housing bubbles, globalisation and the worldwide economic crisis / Graham Turner.

Format:

Book

Author/Creator:

Turner, Graham, 1963-

Contributor:

GFC Economics.

Language:

English

Subjects (All):

Credit.

Financial crises.

Globalization--Economic aspects.

Globalization.

Petroleum reserves.

Petroleum industry and trade.

Physical Description:

xvii, 232 pages : illustrations ; 22 cm

Place of Publication:

London ; Ann Arbor, MI : Pluto Press ; London : In association with GFC Economics, 2008.

Summary:

This book argues that the current financial turmoil signals a crisis in globalisation that will directly challenge the free market economic model.

Graham Turner shows that the housing bubbles in the West were deliberately created to mask the damage inflicted by companies shifting production abroad in an attempt to boost profits. As these bubbles burst, economic growth in many developed countries will inevitably tumble. The Japanese crisis of the 1990s shows that banks and governments may struggle to contain the fallout. The problem has not been limited to the US, UK and Europe: housing bubbles have become endemic across wide swathes of emerging market economies. As the West slides, these countries will see an implosion of their credit bubbles too, shaking their faith in the free market.

Turner is an experienced and successful economic forecaster, whose opinions are sought by large international banks and top financial journalists. Drawing from his first hand experience of the Japanese property crash of the 1990s, he presents his analysis in a clear and persuasive style, showing that the end of housing market growth spells disaster for neoliberal globalisation.

Contents:

GFC Economics xvi

2 Global Contagion 14

3 Addicted to Debt 26

4 'Free Trade' and Asset Bubbles 48

5 Dealing With the Fallout 84

6 A Global Credit Bubble 109

7 Japan's Bear Market 135

8 Policy Failures in a Liquidity Trap 159

9 Where Are We Heading? 188.

Notes:

Includes bibliographical references (pages 194-221) and index.

ISBN:

9780745328102

0745328105

9780745328119

0745328113

OCLC:

226357868