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The Great Recession and the bulimia of US consumers: deep causes and possible ways out

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  • Stefano Bartolini
  • Luigi Bonatti
  • Francesco Sarracino

Abstract

This paper focuses on the apparent bulimia of US consumers and its role in the recent crisis. We seek to show how various characteristics of American society and the US economy are related to this phenomenon. We illustrate some structural features of the US economy and public policies that may have created a difference, in terms of patterns of consumption and market participation, between the USA and continental Europe. We then present some explanations of US hyperconsumerism put forward by psychologists and sociologists, thus relating this phenomenon to the decline in subjective well-being and social capital documented in the USA. We also discuss how the negative endogenous growth paradigm may help to account for it. Finally, we review the debate on the US policy agenda by underlining some weaknesses in the two politically more realistic options and by outlining a third policy strategy, which is possibly preferable for people’s long-term well-being.

Suggested Citation

  • Stefano Bartolini & Luigi Bonatti & Francesco Sarracino, 2014. "The Great Recession and the bulimia of US consumers: deep causes and possible ways out," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 38(5), pages 1015-1042.
    • Handle: RePEc:oup:cambje:v:38:y:2014:i:5:p:1015-1042.
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    File URL: http://hdl.handle.net/10.1093/cje/beu006
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    Citations

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    Cited by:

    1. Francesco Sarracino & Kelsey J. O’Connor, 2023. "Neo-humanism and COVID-19: Opportunities for a socially and environmentally sustainable world," Applied Research in Quality of Life, Springer;International Society for Quality-of-Life Studies, vol. 18(1), pages 9-41, February.
    2. Mark Setterfield & Yun K. Kim & Jeremy Rees, 2016. "Inequality, Debt Servicing and the Sustainability of Steady State Growth," Review of Political Economy, Taylor & Francis Journals, vol. 28(1), pages 45-63, January.
    3. Francesco Sarracino & Małgorzata Mikucka, 2019. "Consume More, Work Longer, and Be Unhappy: Possible Social Roots of Economic Crisis?," Applied Research in Quality of Life, Springer;International Society for Quality-of-Life Studies, vol. 14(1), pages 59-84, March.
    4. Luigi Bonatti, 2016. "Anemic economic growth in advanced economies: structural factors and the impotence of expansionary macroeconomic policies," DEM Working Papers 2016/11, Department of Economics and Management.
    5. Mark Setterfield & Yun K Kim, 2020. "Varieties of capitalism, increasing income inequality and the sustainability of long-run growth," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 44(3), pages 559-582.
    6. Lorna Zischka & Mark Casson & Marina Della Giusta, 2016. "'Cast your bread upon the waters, for you will find it after many days.' A BHPS study of the interaction between giving and welfare," Economics Discussion Papers em-dp2016-10, Department of Economics, University of Reading.
    7. Francesco Sarracino, 2018. "Koutsobinas, Theodore.: The political economy of status: Superstars, markets and culture change. 264pp. Edward Elgar Publishing, Cheltenham, 2014. Hardback, $${\pounds }$$ £ 80," Journal of Economics, Springer, vol. 124(2), pages 207-211, June.
    8. Acerbi, Alberto & Sacco, Pier Luigi, 2022. "The self-control vs. self-indulgence dilemma: A culturomic analysis of 20th century trends," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 101(C).

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