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The ABCs of the Economic Crisis: What Working People Need to Know
The economic crisis has created a host of problems for working people: collapsing wages, lost jobs, ruined pensions, and the anxiety that comes with not knowing what tomorrow willbring. Compounding all this is a lack of reliable information that speaks to the realities of workers. Commentators and pundits seem more confused than anyone, and economists--the so-called "exper ...more
Hardcover, 144 pages
Published September 1st 2009 by Monthly Review Press
(first published 2009)
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For such a quick read, this is a very good orientation, almost a primer, about the current economic recession. The authors are arguing from a critique of capitalist economics itself, particularly the neoliberalism of the late 20th century up to the current decade. Especially useful is its chapter decoding the alphabet soup of financial products and explaining hedge funds.
I require this book for every social inequality class / stratification class I teach. It simply (not simplistically!) explains the causes of the most complex economic destruction we've seen in years. If all Americans read this book, there would br a righteous and sustained change in outer economic organization!
Fred Magdoff is Emeritus Professor of Soils in the Department of Plant and Soil Science at the University of Vermont. He received his degrees from Oberlin College (BA) and from Cornell University (MS and PhD). Magdoff was Plant and Soil Science Department Chair for 8 years (1985-1993), a member of the National Small Farm Commission (1997-1999, USDA), and is the Coordinator in the 12-state Northeas ...moreMore about Fred Magdoff...