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...

The US economic expansion which began in 2009 was unusually prolonged but relatively weak. Profitability and investment strengthened between 2010 and 2015 but then began to falter. After Trump took office in 2017 there was a minor recovery in investment but the proceeds of major tax cuts were...

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...