Efnisyfirlit

• Cover
• Title Page
• Copyright
• Contents
• Preface and acknowledgements
• ONE: A new perspective on capitalism’s “sickness”
  • Introduction
  • Capitalist economies: the realities
    • Stagnation and its consequences
    • A new world of necessary luxuries
    • Necessary luxuries
    • The failure of pro-investment policy
    • Supply-side economics and “small government”
    • Alternatives to supply-side economics
  • We need a systemic change
  • About this book
• TWO: Inspiration in the Kaufhaus des Westens
  • The Kaufhaus des Westens
  • “Necessary luxuries”
  • Persistent lack of demand
    • Changing demographic trends
    • Unequal distribution of income
    • Negative balance of trade
  • Conclusion
• THREE: Unreal tax rates
  • Introduction
  • The US
    • The lowest corporate tax rate in decades
  • Japan
  • Germany
  • The downward trend in interest rates
  • Liberal politicians and conservative fiscal policy
  • Conclusion
• FOUR: Printing money
  • Introduction
  • Ultra-easy monetary policy
  • The lack of a common macroeconomic theory
    • Three Nobel laureates
    • The Jackson Hole meeting of 2014
    • Disagreement in the policy committees
  • Neoclassical economic theory
  • The ineffectiveness of ultra-easy monetary theory
    • Currency depreciation
    • The impact on emerging economies
    • Asset price bubbles
    • Negative interest rate policy
    • The risk of falling government bond prices
    • Difficulties of ending the policy
    • Increasing disparity in the distribution of income and wealth
    • Positive interest rate is indispensable lubricant
    • The fallacy of composition: more price competition, less inflation
  • Conclusion
• FIVE: Inequality and discontent
  • Introduction
  • The Occupy Movement
    • Responses to Occupy
  • Thomas Piketty and Capital in the 21st Century
  • Disparity in income and wealth distribution
    • The US
      • Measuring disparity by the Gini coefficient
      • Some statistics on income and wealth distribution
    • Japan
      • Declining permanent employment
    • Germany
    • Other developed economies
  • Conclusion
• SIX: Buckling bridges and crumbling mountains
  • Introduction
  • Social safety nets and infrastructural investment
  • The crumbling Eiger
    • Nothing but a major global effort
    • Effective policies on emissions
    • The IPCC’s Fifth Assessment Report and the Paris Agreement of 2015
  • Conclusion
• SEVEN: The United States: stagnation and gridlock
  • From Ronald Reagan to George W. Bush, 1981-2009
    • A brief history of technological change
      • The Industrial Revolution
      • The second wave of change
      • The IT Revolution
    • Stagflation in the late 1970s
    • Small government
    • The Great Recession
    • Societal problems and ideological conflict
  • The Obama years, 2009-16
    • The Tea Party movement
    • Obamacare
    • Legislative gridlock
    • A stagnating economy and unemployment
    • Political paralysis
  • Conclusion
• EIGHT: Japan: bubbles, “lost years” and Abenomics
  • Introduction
  • The bubble and the “lost” years, 1980-2008
    • Ineffective government
    • A stagnating economy
    • Changing employment practice
  • Government since 2009: from incompetent to delusional
    • “Abenomics”
    • The outcomes of Abenomics
    • Other policies
  • Conclusion
• NINE: Unified Germany: a divided nation
  • Introduction
  • 1980-2008: German politics move to the Right
    • The consequences of unification
    • Gerhard Schroeder and Agenda 2010
    • Angela Merkel and the recovery of the sick man of Europe
    • Rising inequality
    • The Great Recession
  • From 2009 to the present: the high cost of Merkel’s policies
    • Recovery from the financial crisis
    • “Energiewende”
    • Voter discontent
    • Further rising inequality
    • Further challenges at home
  • Conclusion
• TEN: Four European economies
  • Introduction
  • From the 1980s to 2008
    • France
    • The UK
    • Italy
    • Spain
  • From 2009 to the present
    • France
    • The UK
    • Italy
    • Spain
  • Conclusion
• ELEVEN: Reform to the rescue
  • Great Britain
  • The United States
• TWELVE: Adapting capitalism and changing politics
  • Introduction
  • Increasing tax revenues
    • The US
    • Japan and Germany
    • Other taxes
      • Wealth
      • Luxuries
      • Tobin tax
      • Environmental taxes
    • The expected public response
  • Political change
    • The US
    • Japan
    • Germany
  • Can “big government” and democracy coexist?
  • Quality and quantity in GDP growth
• THIRTEEN: Conclusion
• Postscript
  • In the new world of too much stuff, you will be poorer than your parents
  • Income and wealth distributions are still unequal and becoming more so.
  • The real unemployment rate is not falling and wages are not rising
  • The undesirable effects of printing money are proliferating
  • Germany cannot continue fiscal austerity and its huge trade surplus
  • The more things change, the more they remain the same
  • Projected growth rates of the developed economies remain dismal
• Notes
  • Chapter One
  • Chapter Two
  • Chapter Three
  • Chapter Four
  • Chapter Five
  • Chapter Six
  • Chapter Seven
  • Chapter Eight
  • Chapter Nine
  • Chapter Ten
  • Chapter Eleven
  • Chapter Twelve
  • Postscript

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