Bubbles, Booms, and Busts

The Rise and Fall of Financial Assets

verfasst von: Donald Rapp

Verlag: Springer New York

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft" , Springer Professional "Technik"

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Über dieses Buch

This book deals at some length with the question: Since there are many more poor than rich, why don’t the poor just tax the rich heavily and reduce the inequality? In the 19th century and the first half of the 20th century, the topic of inequality was discussed widely. Ending or reducing inequality was a prime motivating factor in the emergence of communism and socialism. The book discusses why later in the 20th century, inequality has faded out as an issue. Extensive tables and graphs of data are presented showing the extent of inequality in America, as well as globally. It is shown that a combination of low taxes on capital gains contributed to a series of real estate and stock bubbles that provided great wealth to the top tiers, while real income for average workers stagnated. Improved commercial efficiency due to computers, electronics, the Internet and fast transport allowed production and distribution with fewer workers, just as the advent of electrification, mechanization, production lines, vehicles and trains in the 1920s and 1930s produced the same stagnating effect.

Inhaltsverzeichnis

Frontmatter

1. The Nature of Manias, Bubbles, and Crashes

Abstract

John Kenneth Galbraith (JKG) pointed out,

Donald Rapp

2. A Short History of Booms, Bubbles, and Busts

Abstract

The first section of this book reviews the various theories for why financial bubbles occur, including human nature and perceptions, subjective valuation of assets, and external events. Most financial bubbles are based on reasonable expectations for growth in productivity from new developments, but quickly get out of hand when assets are bought and sold only for resale to a new investor. The second part of this book reviews most of the major financial bubbles starting in the 18th century and ending with the housing bubble that ended in 2007–8.

Donald Rapp

Backmatter

Titel: Bubbles, Booms, and Busts
verfasst von: Donald Rapp
Verlag: Springer New York
Electronic ISBN: 978-1-4939-1092-2
Print ISBN: 978-1-4939-1091-5
DOI: https://doi.org/10.1007/978-1-4939-1092-2