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The critical perspectives - Essay Example

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MD- Critical Perspectives Assignment 2 Semester 2, 2010/2011 Name: Fauzia Rafi A critique of the current economic crisis by a former Chief Economist of the World Bank and Nobel Prize winner and a professor of Economics is worth reading. It’s about politics, it’s about economics and it’s about socio-cultural issues too, yes this is Freefall…
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The critical perspectives

Download file to see previous pages... As Jeremy (2011) points out that after the collapse of financial system, the efforts were directed towards repairing the system without realizing that the “system itself needed to change”. This book by the Nobel Prize winning economist appeals to rethink and reconsider the present capitalist structure in the markets. The author talks about how overspending and low savings have brought down the financial meltdown. He is very skeptic about the conditions prevalent in housing market. He criticizes how low interest rates to boost consumption and monetary expansion have brought lax control over the economy. Stiglitz predicts that it will take a long time before USA markets fully recover as he calls it “Japanese style recovery”, where markets will face low aggregate output and low wages. In his opinion America needs to fix its macroeconomic structure through increasing savings, reducing consumption and more allocation of funds towards issues such as town planning and climate change. Turner (2010) states in a review that Stiglitz has made it the sources of the current crisis very obvious for those who argue that the current crisis was “unforseen”. He criticises the policies of Bush and Obama for bringing the economy to collapse in 2008. Stiglitz has criticized Obama for not developing a clear vision and strategy to improve the conditions of the economy. In fact Stiglitz accuses his lack of control over the economy which left the economy even more vulnerable at the hands of those running the financial sector than ever before. Stiglitz is also skeptical about how members of Bush’s administration continued their role in present government and are not rectifying the errors that created huge ups and downs in the business cycle previously. He has mentioned that the policies are made in a manner that increases the burden on taxpayers in case of any loss or bailout situation. Moreover Freefall also criticizes the role of retired bankers in policy formulation and regulation of the financial sector, which according to Stiglitz has created a greater imbalance in power. Stiglitz strongly advocates imposition of stringent regulations and restructuring of banks. He accuses Obama administration for come under the influence of finance tycoons and failing to exercise control over the banks and other financial institutions which became too giant to handle a crisis. He still believes that large banks need to be broken up in order to right-size them; an example is Citigroup, which is too huge in size to handle. He also is dejects the use of mortgage securitization, and encourages to police derivatives. Analysis Economic Policies Stiglitz considers Keynesian economics to be the solution for the current prevalent problems, however there are a number of factors that place a question mark on this proposition. Firstly we need to understand that in order to predict the impact of an injection of funds into the economy, we need to know the GDP multiplier. This GDP multiplier is dependant over the banking system because they are the ones to extend credit to the private sector. Now if the banking system is itself so weak and in need of funds, it is difficult to say that it can bring the economy out of recession. Moreover we also need to understand the flaws of government control, an example here is for people to decide if they want to rely on private pensions or ...Download file to see next pagesRead More
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