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Causes And Solutions

In: Criminal Capital

Author

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  • Stephen Platt

Abstract

A new chapter in social and economic history was opened on 15 September 2008 when Lehman Brothers Holding Inc. collapsed under debts of $613 billion in the US’s largest ever bankruptcy. Ripples swelled to waves and one by one the major names in international finance became engulfed by the threat of total ruin. Governments across the globe pumped trillions into the global financial system to calm the waters and halt contagion. Six years after the crisis started and the dominos are still falling: job seekers, evicted homeowners, and users of public health and education systems worldwide continue to experience the daily effects of cuts and austerity. As the spotlight has remained on the industry other harmful and abusive practices have been revealed, with new scandals emerging with monotonous regularity. Despite this, the discourse around preventing a repeat of the events of 2008 appears to be sliding down the agenda, especially with recent figures indicating that economies are in recovery and the World Bank proposing that the global economy had reached a ‘turning point’ in 2014.

Suggested Citation

  • Stephen Platt, 2015. "Causes And Solutions," Palgrave Macmillan Books, in: Criminal Capital, chapter 11, pages 188-206, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-33730-6_11
    DOI: 10.1057/9781137337306_11
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