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- Herausgeber: Political Book Summaries
- Kategorie: Fachliteratur
- Sprache: Englisch
The must-read summary of Robert B. Reich's book: "Aftershock: The Next Economy and America's Future".
This complete summary of "Aftershock" by Robert B. Reich, a renowned American political commentator and economist, presents his argument that the crash of the American economy was due to the concentration of income and wealth at the top of society. In his book, the author explains that the middle class has been forced into debt in order to maintain their living standards, creating an unstable economic situation. Reich highlights that the only step forward is to regain balance in the American economy so that economic and financial benefits are shared throughout society.
Added-value of this summary:
• Save time
• Understand how income inequality led to the financial crisis
• Expand your knowledge of politics, society and economics
To learn more, read "Aftershock" and discover the current state of the American economy and the action needed for a solution.
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Seitenzahl: 26
Veröffentlichungsjahr: 2017
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Book Presentation:Aftershockby Robert B. Reich
Book Abstract
When the US economy foundered in 2008, blame was directed almost universally at Wall Street. The real reason for the meltdown, however, was much more structural – there was an increasing concentration of income and wealth at the top rather than being spread across the American middle class. Specifically, in 2007, the richest 1 percent of the population took in 23.5 percent of total national income. By comparison, in the late 1970s, the richest 1 percent took in less than 9 percent of the nation’s total income. As a consequence, the middle class in recent times has had to go deeply into debt in order to sustain a decent standard of living which is a situation which is clearly and obviously unsustainable.
This concentration of income is at the heart of America’s current ongoing economic predicament. The challenge to move forward is not to get Americans to save more and borrow less from the rest of the world but to rebalance the American economy so the benefits of commercial activity are shared more widely than they are at present. Until this transformation is made, the US economy will experience phantom recoveries and damaging speculative bubbles. The only way sustainable growth will be achieved for the American economy is if the purchasing power of the middle class is restored. This is the central choice of the current political era and it is vital that we respond to this issue now rather than hoping it will go away.
About the Author
Robert Reich is professor of public policy at the University of California, Berkeley. He served in three presidential administrations, most recently as secretary of labor under President Bill Clinton. He is the author of twelve books including The Work of Nations and Supercapitalism. Dr. Reich is cofounder of The American Prospect magazine and provides weekly political commentaries on public radio’s Marketplace.
Important Note About This Ebook
This is a summary and not a critique or a review of the book. It does not offer judgment or opinion on the content of the book. This summary may not be organized chapter-wise but is an overview of the main ideas, viewpoints and arguments from the book as a whole. This means that the organization of this summary is not a representation of the book.
