An Assessment of the global impact of the financial crisis / Philip Arestis, Rogerio Sobreira and Jose Luis Oreiro

By:

Arestis, Philip (ed)

Contributor(s):

Material type: Text

TextPublication details: New York : Palgrave Macmillan, 2011Description: xvi, 270p. 22cmISBN:

9780230271609

Subject(s):

DDC classification:

330.90511 ARE

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Holdings
Item type	Current library	Call number	Status	Date due	Barcode	Item holds
Book	Raipur	658.152 ARE-11 (Browse shelf(Opens below))	Available		IIMRP-6319

Total holds: 0

The 2008 financial crisis hit the heart of capitalism, but the effects were much weaker in the 'periphery' of the capitalist system than in its center. This book provides a solution to this paradox. The analysis presented here shows that current account surpluses and accumulation of foreign reserves are important for developing countries because they allow them to conduct anti-cyclical policies in the face of a financial crisis in developed countries. Stabilization of output is important for robust growth in the long term due to its effects over capitalist animal spirits. Developed countries should never pursue a growth strategy based merely on accumulation of 'foreign savings'.

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