The book “The crash of 2016” is a book that tries to explore the economic crisis that might befall America if drastic measures are not taken to stop this. The book tries to show how the United States of America was dragged into the economic crash in two thousand and sixteen. The author Thom Hartmann tries to focus his argument on him about the possible financial crisis that might be ranked as the Fourth Great Crash after the independence in the year seventeen seventy-six (Hartmann, 2013).
The author of his book refers to the reforms of the free market that are being promoted by the Chicago boys as a religion. According to the Chicago boys, a free market is an act of giving a free control to the financial sector as it is against the practiced of the common economist idea and definition of releasing the markets from the rent plus the interests (Biglaiser, 2012). The author refers to the free market as being promoted by the ideology of the Chicago boys as a religion because it is an idea that everybody wants to embrace regardless of the consequences. The investors tend to follow the thinking despite the fact that it is going to lead to the collapse of the American economy (Covitz, et al, 2013). When the free market adopts the theory of the Chicago boys, according to Thom, it means that most of the competing states are going to emerge the winner in that after the economy of the United States has crashed. The crash is likely to be caused by the corrupted pillars of democracy, the factors that were once believed in by the people to enlighten the political plus the economic systems are now being manipulated to confirm the success of a particular population at the expense of the others (Covitz, et al, 2013).
Biglaiser, G. (2002). The Internationalization of Chicago’s Economics in Latin America. Economic Development and Cultural Change, 50(2), 269-286.
Covitz, D., Liang, N., & Suarez, G. A. (2013). The Evolution of a Financial Crisis: Collapse of the Asset‐Backed Commercial Paper Market. The Journal of Finance, 68(3), 815-848.
Hartmann, T. (2013). The Crash of 2016. New York, Twelve.