The Credit Crunch: Housing Bubbles, Globalisation and the Worldwide Economic Crisis - Hardcover

Turner, Graham

Hardcover

ISBN 10: 0745328113 ISBN 13: 9780745328119

Publisher: Pluto Press, 2008

Synopsis

This book argues that the current financial turmoil signals a crisis in globalisation that will directly challenge the free market economic model.

Graham Turner shows that the housing bubbles in the West were deliberately created to mask the damage inflicted by companies shifting production abroad in an attempt to boost profits. As these bubbles burst, economic growth in many developed countries will inevitably tumble. The Japanese crisis of the 1990s shows that banks and governments may struggle to contain the fallout. The problem has not been limited to the US, UK and Europe: housing bubbles have become endemic across wide swathes of emerging market economies. As the West slides, these countries will see an implosion of their credit bubbles too, shaking their faith in the free market.

Turner is an experienced and successful economic forecaster, whose opinions are sought by large international banks and top financial journalists. Drawing from his first hand experience of the Japanese property crash of the 1990s, he presents his analysis in a clear and persuasive style, showing that the end of housing market growth spells disaster for neoliberal globalisation.

About this title

About the Author:

Graham Turner is the founder of GFC Economics, an independent economic consultancy which provides forecasting services for some of the world's largest banks. He has worked in the financial sector for over 20 years, spending the 1990s working for Japanese banks.

Review:

'Graham Turner is one of only a handful of economists to understand the roots of the current financial crisis, its implications for all of us and - crucially - what should be done now. I strongly recommend you read this book.' - Larry Elliott, Guardian  'A timely analysis of the pressures on world money markets and the fundamental weaknesses in the global financial system. Graham Turner is a clear and independent voice in a confused and noisy world.' - Hamish McRae, Independent

About this edition

• Publisher: Pluto Press
• Publication date: 2008
• ISBN 10: 0745328113
• ISBN 13: 9780745328119
• Binding: Hardcover
• Number of pages: 256