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Study on the United States' Financial Crisis from the Perspective of Business Cycle

YIN Guo-jun,ZENG Ke-xin(School of Finance and Economics,Hangzhou Dianzi University,Zhejiang Hangzhou 310018,China)  
Before the collapse of the financial bubble,the economy of the United States actually has already been in the recession phase of a long cycle.But the new economic theory overestimates the role of new technologies and innovation and neglects the normal business cycle,without acknowledge of the cyclical downturn of manufactures including IT industry.They attempt to stimulate the rapid development of high-tech industries with extremely low interest rates,which brings the excessive expansion of the virtual economy.In fact,the U.S.financial crisis is a hard return of the serious imbalanced economic cycle which has been artificially lengthened and it is the decline of the manufacturing sector in pre-recession actually.
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