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Freefall: America, Free Markets, and the Sinking of the World Economy
''Freefall: America, Free Markets, and the Sinking of the World Economy'' is a book on the causes and consequences of the Great Recession by economist and Nobel laureate Joseph E. Stiglitz, first published in 2010 by W. W. Norton & Company. While focusing on the roots of the financial crisis of 2007-08 and the subsequent global economic slowdown, which he claims to find mainly in fiscal policy as conducted during the Bush presidency and decisions made by the Federal Reserve, Stiglitz also talks about the failure to cope with the recession during the months succeeding the Wall Street Crash of 2008. Finally, he sketches various schemes as to the possible future of the American economy, vigorously proposing a profound policy shift. In compliance with Stiglitz's general attitude towards economic policy, ''Freefall'' contains "proposals to tame the banking sector and to foster a more humanistic style of capitalism in the United States and abroad." According to an assessment written by Larry Elliott for ''The Guardian'', the book "reeks of 'I told you so'." because during the years preceding the crisis, Stiglitz had "warned policy makers repeatedly that the United States was headed toward a deep, painful recession if pre-emptive interventions were not made."
==Title==
The title of the book points at the sharp decline in stock prices following the bankruptcy of the investment bank ''Lehman Brothers'' in September, 2008. Meanwhile, its subtitle reveals Stiglitz's conviction that free markets are at the bottom of the crisis, as he makes deregulation responsible for the rise of the shadow banking system, over-leveraged banks and subprime mortgages. Accordingly, in ''Freefall'' Stiglitz criticizes advocates of deregulation and free markets, most notoriously Larry Summers〔 and Ben Bernanke.〔
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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