In The Credit Crunch, Graham Turner predicted that banks would be nationalised and interest rates would be reduced too slowly to halt the crisis. His predictions were correct. His new book, No Way to Run an Economy, is the essential guide to the turbulent times ahead. Turner recommended radical measures, such as quantitative easing, in early 2008 but argues that action has been taken too late and been too timid to make a real difference. He dissects the policy mistakes of the last 12 months including Obama's doomed market-led response to the crisis and the obsession of central banks with the red herring of inflation. There is no doubt the economy is still in serious trouble, but Turner shows that learning from the mistakes made so far can prevent a situation worse than that of the 1930s crisis.
Essential guide to understanding the roots of the economic crisis, and how to solve it
List of Tables and Figures Glossary GFC Economics Acknowledgements Introduction 1. From Bear Stearns to Recession 2. Learning from the Great Depression 3. Policy Mistakes in the 2008/09 Bear Market 4. Globalisation and the Race to the Bottom 5. Structural Causes of the Recession 6. A Flawed Economic System? 7. Obama's Crisis? 8. Breaking with the Past Notes Index
'Turner argues that we urgently need a thorough rethink of the shareholder model that blindly chases short-term profit and denies a voice to workers - and, indeed, to small investors' -- New Statesman