The 2008-10 financial crisis and the global recession it created is a complex phenomenon that warrants detailed examination. The various essays in this book utilise several alternative paradigms to provide a plausible explanation and a credible cure. Great detail is given to this important...

pt. 1. The financial side : the burden of debt and the loss of confidence -- pt. 2. The balance of payments constraint : trade deficits as a source of risky debt -- pt. 3. The real side of the economy : the problem of effective demand and the failure of austerity policies.