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Literatur zur Politischen Ökonomie
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Titel:
Falling Income and Debt: Comparing Views of a Major Cause of the Great Recession
in:
Jahr:
2011
Jg.:
2
H.:
2
pp.:
249-261
Deskribierung:
Inhalt:
Several recent editions of rnajor rnainstrearn economics textbooks list various causes ofthe 2007-09 global recession (also known as the "Great Recession"), which rnostly include the following factors: lower rnortgage lending standards, central banks keeping interest rates low, consurners borrowing too rnuch rnoney because of rising harne prices, governrnent agencies and policies encouraging harne ownership and encouraging lenders to take on rnore risk, and a glut of savings frorn China and developing nations which fueled investrnents, current account deficits, and speculation in various global rnarkets, especially US rnortgage backed securities. These in turn drove up harne prices in the United States and elsewhere and helped to fuel a rise in consurner debt in rnany nations. Meanwhile, this article's research has found that some heterodox econornists and heterodox publications have raised these issues in addition to the issues of stagnant or falling wages/income and the growth of the financial, insurance and real estate sectors of rnost advanced capitalist nations as possible causes for the increase in consurner debt prior to the Great Recession. These last two factors, however, are rnostly ignored in rnainstrearn writings. To cornpare the validity of the clairns of rnainstrearn and heterodox views, econornetric analysis is ernployed using data frorn the last two decades frorn Organization for Econornic Cooperation and Developrnent (OECD) nations. The heterodox and radical views seern to have sorne statistical support on their side and probably should not be ignored.


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