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The Global Economic Crisis

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  • Allen, Larry

Abstract

From Greece scrambling to meet Eurozone austerity measures to America’s sluggish job growth, there is every indication that the world has not recovered from the economic implosion of 2008. And for many of us, the details of what led to the recession—and why it has continued—remain murky. Economic historian Larry Allen clears up the subject in The Global Economic Crisis , offering an insightful and nonpartisan chronology of events and their consequences. Illuminating the interlocked economic processes that lay beneath the crisis, he analyzes the changing nature of the global financial system, central bank policies, housing bubbles, deregulation, sovereign debt crises, and more. Allen begins the timeline with the economic crisis in Japan in the late 1990s, asking whether Japan’s experience could be an indicator of the outcome of the recession and what it can teach us about managing a sluggish economy. He then takes a comparative look at the economies of Brazil, China, and India. Throughout, he argues that many elements have contributed to the ongoing crisis, including the introduction of the euro, the growth of new financial instruments such as securitization, collateralized debt obligations and credit default swaps, interest rate policies, and the housing boom and subprime mortgage fiasco. Lucid and informative, The Global Economic Crisis provides an impartial explanation to anyone seeking to understand the current state—and future—of the world’s economy.

Suggested Citation

  • Allen, Larry, 2013. "The Global Economic Crisis," University of Chicago Press Economics Books, University of Chicago Press, number 9781780230924, December.
  • Handle: RePEc:ucp:bkecon:9781780230924
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    Cited by:

    1. Chiara Piovani & Nursel Aydiner-Avsar, 2015. "The 2008/09 Economic Crisis: The Impact on Psychological Well-Being in the USA," Forum for Social Economics, Taylor & Francis Journals, vol. 44(1), pages 18-45, April.
    2. Kalerante Evaggelia, 2014. "Greek Educational Policy: From the Collaborative Model of the School Counselor Institution of the A. Papandreou’s (1981) Educational Policy towards the Model of Superintendence and Supervision of th," International Journal of Higher Education, Sciedu Press, vol. 3(3), pages 129-129, August.
    3. Changyong Rhee & Lea Sumulong & Shahin Vallée, 2013. "Global and regional financial safety nets- lessons from Europe and Asia," Working Papers 801, Bruegel.
    4. Gulino, Salvatore, 2012. "Obsolescence Of The 30-Year Mortgage," MPRA Paper 55354, University Library of Munich, Germany.
    5. Mahmutefendic Tahir, 2019. "The Eu Enlargement. How to be Like the Irish and not the Greek?," Economics, Sciendo, vol. 7(2), pages 49-58, December.
    6. Brett Christophers, 2017. "The performativity of the yield curve," Journal of Cultural Economy, Taylor & Francis Journals, vol. 10(1), pages 63-80, January.

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