The circle of blame for the Great Recession widens to include the wealthy.
Researchers Bas B. Bakker and Joshua Felman of the International Monetary Fund unearth weaknesses in the argument that middle-class borrowing and spending were the main culprits behind the Great Recession. Their research suggests that the wealthy played a much greater role in the most recent economic boom and bust, as well as in the cycles of the past three decades, than previously acknowledged. getAbstract recommends this intriguing study to readers exploring some of the less-obvious reasons behind the Great Recession.
In this summary, you will learn
- Why the middle class frequently receives the blame for the Great Recession
- Why that conclusion is faulty
- What part the wealthy played leading up to, during and after the recession
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