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Rising Inequality and the Financial Crises of 1929 and 2008

Jon Wisman () and Barton Baker

Chapter Chapter 4 in Consequences of Economic Downturn, 2011, pp 63-82 from Palgrave Macmillan

Abstract: Abstract The financial crisis of 2008 has prompted research into its commonalities with that of 1929 and a search for common causes. Most scholars agree that in both instances low interest rates, financial innovation, and laissez-faire ideology supporting lax regulation played important causal roles. While this analysis is not incorrect, it addresses proximate as opposed to more profound underlying causality. At this deeper level, both crises were in part caused by the consequences of dramatically rising inequality.

Keywords: Stock Market; Real Estate; Financial Crisis; Credit Default Swap; Real Estate Market (search for similar items in EconPapers)
Date: 2011
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DOI: 10.1057/9780230118355_4

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