"Since the financial meltdown of 2008, economists, journalists, and politicians have uniformly insisted that to restore the American Dream and renew economic growth, we need to save more and spend less. In his provocative new book, historian James Livingston-author of the classic Origins of the Federal Reserve System-breaks from the consensus to argue that underconsumption caused the current crisis and will prolong it. By viewing the Great Recession through the prism of the Great Depression, Livingston proves that private ...
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"Since the financial meltdown of 2008, economists, journalists, and politicians have uniformly insisted that to restore the American Dream and renew economic growth, we need to save more and spend less. In his provocative new book, historian James Livingston-author of the classic Origins of the Federal Reserve System-breaks from the consensus to argue that underconsumption caused the current crisis and will prolong it. By viewing the Great Recession through the prism of the Great Depression, Livingston proves that private investment is not the engine of growth we assume it to be. Tax cuts for business are therefore a recipe for disaster. If our goal is to reproduce the economic growth of the postwar era, we need a redistribution of income that reduces corporate profits, raises wages, and promotes consumer spending"--
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New York. 2011. November 2011. Basic Books. 1st American Edition. Very Good in Dustjacket. 9780465021864. 257 pages. hardcover. Jacket design by Alyssa Stepien. keywords: Economics History. FROM THE PUBLISHER-Save more, spend less, live within your means. What could be more obvious wisdom in a time of economic crisis? Since the financial meltdown of 2008, economists, journalists, and politicians have uniformly insisted that to restore the American Dream and renew economic growth, thrift is the answer. In his provocative new book, historian James Livingston-author of the classic ORIGINS OF THE FEDERAL RESERVE SYSTEM-breaks from the consensus to argue that underconsumption caused the current crisis and will prolong it as well. By viewing the Great Recession through the prism of the Great Depression, Livingston proves that private investment is not the engine of growth we assume it to be, and that tax cuts for business are therefore not a cure-all; in fact, they're a recipe for disaster. He shows that by spending more, saving less, and choosing what is most useful, consumers can not only lift the economy but also improve the world by restraining the endless pursuit of profit. AGAINST THRIFT poses a fundamental challenge to prevailing economic theories, while offering a radical new analysis of the changing relations between work and income, production and consumption, and shopping and identity, With wit and originality, Livingston suggests the unthinkable: that a larger dose of consumerism will benefit society across the board and ultimately allow us to create a better world. inventory #9576.