Bubbles, Booms, and Busts

The Rise and Fall of Financial Assets

  • Donald Rapp

Table of contents

  1. Front Matter
    Pages i-xxviii
  2. Back Matter
    Pages 347-351

About this book

Introduction

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.

Keywords

Booms and busts Debt Deregulation Financial assets Financial booms Financial bubbles Financial busts Inequality Real estate bubbles Recession Stock market bubbles Wealth

Authors and affiliations

  • Donald Rapp
    • 1
  1. 1.South PasadenaUSA

Bibliographic information

  • DOI https://doi.org/10.1007/978-1-4939-1092-2
  • Copyright Information Springer Science+Business Media New York 2015
  • Publisher Name Copernicus, New York, NY
  • eBook Packages Business and Economics
  • Print ISBN 978-1-4939-1091-5
  • Online ISBN 978-1-4939-1092-2
  • About this book