Edit the paper based on this feedback: i have attached the paper I think that your review is basically pretty good. You take the right approach…summarization , then critical analysis. On the summariza

Book Review of Crisis and Sequels: Capitalism and the New Economic Turmoil since 2007

Maryam Rehman

George Mason University

12/13/204

Book Review

Introduction

Crisis and Sequels: Capitalism and the New Economic Turmoil since 2007, attempts to catch the innovative development of capitalism and the new economic disorder since 2007 in the wake of financial disasters. Gathering reactions from scholars, it shows what the latter said about the fact that the financial crisis revealed the actual vulnerability of neoliberal capitalism and was also the beginning of a new type of crisis more frequent and sharper. Focusing on the historical, economic, and sociological aspects of the case Crisis and Sequels takes a closer look at the implications of the financial collapse and the following sequels.

As such, the primary focus of the present review is to identify to what extent the book meets the challenge of presenting societal and economic collapse in a globalized world. In this review, it will be determined whether Crisis and Sequels effectively map the implications of financial fragility and capitalist susceptibility by evaluating the book's interdisciplinary perspective, the focus on interacting crises, and the treatment of concepts like inequality and policy responses.

Summary of Key Themes

Crisis and Capitalism

The starting point of the book is the idea that the capitalist system and neoliberal capitalism in particular, is inherently shaky and crisis-prone. This theme is established right from the first chapters of the book, where authors claim that neoliberal policy – a form of liberalization involving the removal of certain restrictions, disentangling of state and markets, and maximum freedom for individuals – paved the way for the financial crisis. Lifting of restraints on the financial institutions meant that governments fostered speculation and risk-taking which saw the development of an unstable economic environment. The subprime mortgage crisis that started in 2007 and is now referred to as the trigger of the 2007-2008 financial meltdown is used to explain how deregulated markets can lead to a free fall.

This book also argues that the crisis has not been an event isolated in time but rather a pathogenic manifestation of chronic conditions inherent in capitalism. For example, The Crisis of Neoliberal Capitalism chapter claims that greed for money and expansion causes the formation of what these authors refer to as 'bubbles' and afterward 'crashes'. It puts the point that capitalist economies are inherently unsustainable in their present configuration because they necessitate perpetual growth, a model that not only overlooks social and ecological externalities but also contributes to societal imbalance. The book argues that the crisis is deeply rooted in the system and general development, and therefore there is likely to be repetitive developments of the crisis should there be no transformation for the system as a cycle.

Economic and Social Impacts

Crisis and Sequels does not merely focus on the financial face of the crisis but also its impact socially and on the world economy. The book reiterates the message that the crisis that emerged in 2007 and 2008 was not only related to Wall Street but also affected global societies, especially the less privileged and developing countries. Among the many consequences, one of the most critical was licensing official austerity measures, particularly in European nations such as Greece and Spain. These measures, which aimed at ensuring fiscal responsibility, led to the downsizing of public services, growing unemployment, and less spending on social security, affecting vulnerable groups.

Chapters like An Era of Rampant Inequality examine how the measures adopted to cut costs increased inequality over time, domestically and internationally. Layoff, lower wages, and reduction of employment opportunities; coupled with slow and long-lasting mass unemployment, stagnated wages and reduction of employment opportunities, high levels unemployment, less access to health care, and eroded living standards; ultimately, reductions in core social spending all contributed to a more difficult recovery among the lowest income groups. The book claims that the increase in inequality is not only a social issue but also an existential challenge to the democratic concepts of society. Skeptics argue that with the rise in inequality, people consequently lose their trust in government organizations leading to social movements, and demonstrations for fairer systems.

Globalization and Interconnectedness

As one of its imprints, the book looks at the part played by globalization in both, the exportation and deepening of economic downturns. The integration of the financial markets in the global economy suggests that disturbances in one country's economy can propagate instantly to one that forms an exercisable model of another economic cycle. The crisis, starting in 2007-2008 in the USA, is an example of this; soon it infected the European Union, Asia, and other parts of the world; thus, showing that even logically connected financial systems are weak.

Looking at how it coincides with the issue of globalization in crisis, it is also a matter worth covering in the book. Financial markets, supply chains, and policies are becoming increasingly intertwined, especially considering the globalization of world economies. However, this interdependence is with national interests and economic priorities, and therefore; it becomes hard to come up with a concerted approach to tackling these global issues. Crisis and Sequels claim that although globalization has catalyzed growth and innovation, it has also opened up weaknesses, which make a crisis more difficult to manage. This section emphasizes the paradox of globalization: It confines and links together in unison creating joint dangers with individuals precariously in charge of the sorrows.

Analysis of Societal Failure and Inequality

Crisis and Sequels provides a thoughtful perspective on how society fails, especially in economic terms as well as in terms of social collapse. In the society depicted in this book, societal failure is portrayed as a scenario where social institutions such as healthcare, education, and welfare to mentioned but a view does not support the citizens because these institutions have been sold off by their economic policies that benefit these policies instead of people. The global financial crisis that occurred in 2008 caused many governments to reduce their deficits by spending less on social services, thereby affecting the already fragile structures that were in place for these groups.

Drawing upon the comparison of social conditions before and after the onset of the crisis show how this has impacted on inequalities. For instance, folks in Europe experienced a rise in homelessness, more cases of poverty, and mental health complications as a result of high levels of cuts in social spending. The crisis in developed countries came out in the form of reduced investments from international donors and the pruning of poverty relief programs. The book details these outcomes as signifying social breakdown, positing neoliberal capitalism as systemically inadequate to offer a viable future to each stratum.

The book specifically highlights that the negative effects of the crisis were worse and borne more by vulnerable groups in society including women and minorities. Women, over-represented in industries such as retail and health care, were the first to be laid off, while the cuts in funding eliminated access to important services. In Crisis and Sequels, it is explained that the crisis widened disparities, causing further vulnerability, and poor economic status among minorities and other vulnerable groups. This discourse further supports the book's proposed assertion that neoliberal capitalism's crises are not only economic but also social, which erode global societies' structures.

Critical Evaluation

Effectiveness of Arguments

The author of the book provides a detailed and scientific analysis of the flaws of the capitalist system and convincingly argues that failures are an innate characteristic of the system rather than random incidences. To develop the central argument in this crisis, each chapter expands its exploration of various factors within the crisis ranging from the financial aspects to social implications. The inclusion of factual information and earlier successful cases also enhances the validity and credibility of the book to readers as it gives tangible evidence to confirm the emergence of an economic crisis due to neoliberal policies. However, one major weakness of the book is that it often presents problems with the current system but does not explain where the solutions, alternatives, or better strategies are.

Interdisciplinary Approach

The interdisciplinary approach is one of the book’s selling points and the crisis has been analyzed from the perspectives of economics, sociology, and political science. This makes it possible for the book to discuss not only financial instruments but also the detrimental effects of the economic strategies imposed on the people affected by the crisis. In combining such and such viewpoints and employing them within Crisis and Sequels, one is capable of perceiving the macro-level of economic disruption, to understand how and in what way financial actions influence social relations, as well as vice versa.

Comparative Analysis

Unlike most works on globalization and economic development, for instance, The Globalization and Development Reader, Crisis and Sequels adopts a different approach where crises are conceived of as structural features of capitalism that keep recurring. Crisis and Sequels do take on the subject of how globalization has deepened the divide between rich and poor, but the contents of the book that was published particularly dwell on the issue of why the economic cycle of crisis and recovery just spirals within neoliberal contexts. This view enriches the discussions, providing ideas about the need to enhance the systems to prevent such disasters from happening again and leaving negative impacts on vulnerable groups of people.

Reflection on Gendered Spaces and Social Impact

Some of these insights pertain to issues such as gendered spaces showing how crises shape the availability of safe spaces and resources for women. Measures that were implemented after the crisis, for instance, the austerity measures adversely affected women's employment and social protection. These policies not only limit the economic opportunities of women but also marred their ability to engage in or access typically feminine domains such as health facilities and clubhouses. This analysis highlights how economic instability disrupts social interactions, depriving marginalized groups of the safe spaces essential for community support.

Conclusion

Crisis and Sequels presents a unique and constructive approach to the 2007-2008 global financial crisis and its consequences, thus presenting a critical view of the actual fragility of the capitalist system. Hypothetical and historical crises are used throughout the book to demonstrate how crises percolate from the micro or individual household level up to the macro or global market system level. Although the lack of practical solutions is noticeable, the depth of analysis of structural flaws makes the book essential for anyone interested in post-economic crisis consequences. In sum, this book will benefit any student, scholar, and policymaker who is interested in economics, globalization, and social stability.

Reference

Thomas, M. (Ed.). (2017). Crisis and sequels: capitalism and the new economic turmoil since 2007 (Vol. 109). Brill.