Herman M. Schwartz is Professor of Politics at the University of Virginia. He is author of States vs. Markets: The Emergence of a Global Economy and In the Dominions of Debt: Historical Perspectives on Dependent Development and coeditor of several books, including most recently The Politics of Housing Booms and Busts.
Herman Schwartz has written an ambitious and important book that
offers a 'unified field theory' of political economy to explain the
U.S. housing boom, the mortgage crisis, the U.S. dependence on high
levels of foreign capital, and the changing global balance of power
among nations. His argument is surprising and controversial, but it
is supported by data and by a deep immersion in several relevant
literatures.
*Contemporary Sociology*
Of the dozens of serious books that examined the determinants of
the 2008 financial crisis, Herbert M. Schwartz's Subprime Nation:
American Power, Global Capital and the Housing Bubble stands out
for its sharp take on the large macro flows that ultimately led to
the collapse of financial markets and real economies around the
world. Now four years after the collapse of Lehman Brothers and
three years after Schwartz’s work was first published, it is worth
a second look.... Few books or articles written in the immediate
aftermath of the 2008 crisis could hold up as well.
*Journal of Planning Education and Research*
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