In the fall of 2008, the United States was plunged into a financial crisis more severe than any since the Great Depression. As banks collapsed and the state scrambled to organize one of the largest transfers of wealth in history, many—including economists and financial experts—were shocked by the speed at which events unfolded.

In this new book, John Bellamy Foster and Fred Magdoff offer a bold analysis of the financial meltdown, how it developed, and the implications for the future. They examine the specifics of the housing bubble and the credit crunch as well as situate current events within a broader crisis of monopoly-finance capitalism—one that has been gestating for several decades. It is the "real" productive economy's tendency toward stagnation, they argue, that creates a need for capital to find ways to profitably invest its surplus. But rather than invest in socially useful projects that would benefit the vast majority, capital has constructed a financialized "casino" economy that neglects social needs and, as has become increasingly clear, is fatally unstable. Written over a two-year period immediately prior to the onset of the crisis, this timely and illuminating book is necessary reading for all those who wish to understand the current situation, how we got here, and where we are heading.

About the Authors

John Bellamy Foster is a Professor Emeritus of Sociology at the University of Oregon and editor of Monthly Review. He has written many books including The Robbery of Nature (with Brett Clark) and The Return of Nature, which won the Deutscher Memorial Prize.

Fred Magdoff taught at the University of Vermont in Burlington, is a director of the Monthly Review Foundation, and has written on political economy for many years. He is most recently the author (with John Bellamy Foster) of The Great Financial Crisis: Causes and Consequences (Monthly Review Press).

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