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Inequality and Instability
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Inequality and Instability: A Study of the World Economy Just Before the Great Crisis

James K. Galbraith

Abstract

As Wall Street rose to dominate the U.S. economy, income and pay inequalities in America came to dance to the tune of the credit cycle. As the reach of financial markets extended across the globe, interest rates, debt, and debt crises became the dominant forces driving the rise of economic inequality almost everywhere. Thus the “super-bubble” that investor George Soros identified in rich countries for the two decades after 1980 was a super-crisis for the 99 percent—not just in the U.S. but the entire world. This book demonstrates that finance is the driveshaft that links inequality to economic ... More

Keywords: income inequalities, pay inequalities, credit cycle, interest rates, debt, debt crisis, super-bubble, George Soros, Great Financial Crisis

Bibliographic Information

Print publication date: 2012 Print ISBN-13: 9780199855650
Published to Oxford Scholarship Online: April 2015 DOI:10.1093/acprof:osobl/9780199855650.001.0001

Authors

Affiliations are at time of print publication.

James K. Galbraith, author
Lloyd M. Bentsen Jr. Chair in Government/Business Relations and Professor of Government, University of Texas at Austin