Since the 1980s, the US has developed a form of finance-led capitalism in which growth has been highly dependent on credit expansion and asset bubbles. Profitability has steadily climbed, and there has been a massive redistribution of income in favour of the top 1% of income earners. But the...

Although the most recent US economic expansion began in 1991, rapid growth and job creation only date from 1996. This faster growth was driven principally be consumer demand, but while the stock market bubble that developed from 1996 might explain spending by upper-income groups, most share...

The US economy was poised on the edge of a recession even before 11 September. Following the attacks, the immediate financial shocks were contained. But, despite plans by the Bush government to provide a large boost to the economy, because of massive overinvestment and overborrowing, a serious...