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The Credit Crunch
Housing Bubbles, Globalisation and the Worldwide Economic Crisis
- ISBN: 9780745328102
- Extent: 256pp
- Release Date: 20 Jun 2008
- Size: 215mm x 135mm
- Format: Paperback
- Illustrations: 70 charts and graphs
- Restricted Territories: View details...
- Category: Economics Political Economy
This book argues that the current financial turmoil signals a crisis in globalisation that will directly challenge the free market economic model.
Graham Turner shows that the housing bubbles in the West were deliberately created to mask the damage inflicted by companies shifting production abroad in an attempt to boost profits. As these bubbles burst, economic growth in many developed countries will inevitably tumble. The Japanese crisis of the 1990s shows that banks and governments may struggle to contain the fallout. The problem has not been limited to the US, UK and Europe: housing bubbles have become endemic across wide swathes of emerging market economies. As the West slides, these countries will see an implosion of their credit bubbles too, shaking their faith in the free market.
Turner is an experienced and successful economic forecaster, whose opinions are sought by large international banks and top financial journalists. Drawing from his first hand experience of the Japanese property crash of the 1990s, he presents his analysis in a clear and persuasive style, showing that the end of housing market growth spells disaster for neoliberal globalisation.
About The Author
Graham Turner is the author of the Credit Crunch (Pluto Press, 2008) and founder of GFC Economics, an independent economic consultancy which provides forecasting services for some of the world's largest banks. He has worked in the financial sector for over 20 years, spending the 1990s working for Japanese banks.