When an industry is monopolized, price rises above and output falls below the competitive level. Those who continue to buy the product at the higher price suffer a loss, but this loss is exactly offset by the additional revenue that the monopolist obtains by charging the higher price. Other...

A major challenge to social theory is to explain the pattern of government intervention in the market - what we may call "economic regulation." Properly defined, the term refers to taxes and subsidies of all sorts as well as to explicit legislative and administrative controls over rates, entry,...

Intro -- Contents -- Introduction -- Part I: An Analytic Narrative of the Crisis -- 1. The Calm before the Storm: 2001-2006 -- 2. To the Abyss: December 2007-September 2008 -- 3. The Spectre of the Great Depression: October 2008-March 2009 -- 4. Bottoming Out: Spring 2009-Autumn 2009 -- 5. The...