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Against Thrift

Why Consumer Culture is Good for the Economy, the Environment, and Your Soul

Against Thrift by James Livingston
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Since the financial meltdown of 2008, economists, journalists, and politicians have uniformly insisted that to restore the American Dream and renew economic growth, we need to save more and spend less.

In his provocative new book, historian James LivingstonĀ—author of the classic Origins of the Federal Reserve SystemĀ—breaks from the consensus to argue that underconsumption caused the current crisis and will prolong it. By viewing the Great Recession through the prism of the Great Depression, Livingston proves that private investment is not the engine of growth we assume it to be. Tax cuts for business are therefore a recipe for disaster. If our goal is to reproduce the economic growth of the postwar era, we need a redistribution of income that reduces corporate profits, raises wages, and promotes consumer spending.

Basic Books; November 2011
288 pages; ISBN 9780465028092
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Title: Against Thrift
Author: James Livingston
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