IDEAS home Printed from https://ideas.repec.org/b/hup/pbooks/9780674062191.html
   My bibliography  Save this book

The Crisis of Capitalist Democracy

Author

Listed:
  • Posner, Richard A.

    (University of Chicago Law School)

Abstract

Following the timely and well-received A Failure of Capitalism, Richard Posner steps back to take a longer view of the continuing crisis of democratic capitalism as the American and world economies crawl gradually back from the depths to which they had fallen in the autumn of 2008 and the winter of 2009. By means of a lucid narrative of the crisis and a series of analytical chapters pinpointing critical issues of economic collapse and gradual recovery, Posner helps non-technical readers understand business-cycle and financial economics, and financial and governmental institutions, practices, and transactions, while maintaining a neutrality impossible for persons professionally committed to one theory or another. He calls for fresh thinking about the business cycle that would build on the original ideas of Keynes. Central to these ideas is that of uncertainty as opposed to risk. Risk can be quantified and measured. Uncertainty cannot, and in this lies the inherent instability of a capitalist economy. As we emerge from the financial earthquake, a deficit aftershock rumbles. It is in reference to that potential aftershock, as well as to the government’s stumbling efforts at financial regulatory reform, that Posner raises the question of the adequacy of our democratic institutions to the economic challenges heightened by the greatest economic crisis since the Great Depression. The crisis and the government’s energetic response to it have enormously increased the national debt at the same time that structural defects in the American political system may make it impossible to pay down the debt by any means other than inflation or devaluation.

Suggested Citation

  • Posner, Richard A., 2010. "The Crisis of Capitalist Democracy," Economics Books, Harvard University Press, number 9780674062191, December.
  • Handle: RePEc:hup:pbooks:9780674062191
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. repec:taf:rjapxx:v:17:y:2012:i:2:p:284-297 is not listed on IDEAS
    2. Robert W. Dimand, 2014. "James Tobin and Modern Monetary Theory," Center for the History of Political Economy Working Paper Series 2014-5, Center for the History of Political Economy.
    3. Richard Nielsen & Felipe Massa, 2013. "Reintegrating Ethics and Institutional Theories," Journal of Business Ethics, Springer, vol. 115(1), pages 135-147, June.
    4. Gordon L Clark, 2012. "Pensions or property?," Environment and Planning A, Pion Ltd, London, vol. 44(5), pages 1185-1199, May.
    5. repec:kap:ejlwec:v:43:y:2017:i:3:d:10.1007_s10657-015-9508-x is not listed on IDEAS
    6. Werner De Bondt, 2010. "The crisis of 2008 and financial reform," Qualitative Research in Financial Markets, Emerald Group Publishing, vol. 2(3), pages 137-156, October.
    7. David Harvey, 2011. "Roepke Lecture in Economic Geography—Crises, Geographic Disruptions and the Uneven Development of Political Responses," Economic Geography, Clark University, vol. 87(1), pages 1-22, January.
    8. Ferenc Miszlivetz & Jody Jensen, 2013. "The Global Crisis and the Crisis of Democracy: A Cosmopolitan Way Forward?," Research in World Economy, Research in World Economy, Sciedu Press, vol. 4(1), pages 60-69, March.
    9. Sabine Frerichs, 2011. "False Promises? A Sociological Critique of the Behavioural Turn in Law and Economics," Journal of Consumer Policy, Springer, vol. 34(3), pages 289-314, September.
    10. William Kingston, 2014. "Schumpeter and the end of Western Capitalism," Journal of Evolutionary Economics, Springer, vol. 24(3), pages 449-477, July.

    More about this item

    JEL classification:

    • P1 - Economic Systems - - Capitalist Systems
    • E0 - Macroeconomics and Monetary Economics - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hup:pbooks:9780674062191. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Gregory Kornbluh). General contact details of provider: http://www.hup.harvard.edu/ .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.