Overview

Welcome to Argentina: by 2008 the United States had become the biggest international borrower in world history, with almost half of its 6.4 trillion dollar federal debt in foreign hands. The proportion of foreign loans to the size of the economy put the United States in league with Mexico, Pakistan, and other third-world debtor nations. The massive inflow of foreign funds financed the booms in housing prices and consumer spending that fueled the economy until the collapse of late 2008. The authors explore the political and economic roots of this crisis as well as its long-term effects. They explain the political strategies behind the Bush administration's policy of funding massive deficits with the foreign borrowing that fed the crisis. They see the continuing impact of our huge debt in a slow recovery ahead. Their clear, insightful, and comprehensive account will long be regarded as the standard on the crisis.

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9780393076509

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You will not read a better political-economic synthesis of America 's financial crisis than this book. --Dani Rodrik, author of The Globalization Paradox

Through pointed historical and comparative illustration, the authors show how financiers, politicians, and ideologues ushered in the crisis, and highlight the challenges we must overcome to avoid another lost decade.--Nouriel Roubini, Stern School of Business, NYU

Author Information

Menzie D. Chinn teaches at the University of Wisconsin, Madison, and coauthors the influential blog Econbrowser. Jeffry A. Frieden is the Stanfield Professor of International Peace at Harvard University. A specialist on the politics of international financial relations, he is also coauthor, with Menzie Chinn, of Lost Decades, a history of the 2008 financial crisis.

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