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The Global Crisis: Causes and Main Theoretical Explanations

In: Latin America after the Financial Crisis

Author

Listed:
  • Orlando Justo
  • Juan E. Santarcángelo

Abstract

The effects of the sub-prime global financial crisis have had devastating economic consequences worldwide. The bursting of the housing bubble in the United States began in 2007 and quickly spread to most of the developed countries of the world, later arriving in many developing countries. Looking at the 30 most advanced capitalist economies members of the Organization of Economic Cooperation and Development (OECD), the drop in output and income due to the crisis was 6.5% in 2009 (Roberts, 2009: 1). The ultimate outcome was the collapse of significant financial institutions, and more importantly, a major adjustment of financial corporations and the stock market.

Suggested Citation

  • Orlando Justo & Juan E. Santarcángelo, 2016. "The Global Crisis: Causes and Main Theoretical Explanations," Palgrave Studies in Latin American Heterodox Economics, in: Juan E. Santarcángelo & Orlando Justo & Paul Cooney (ed.), Latin America after the Financial Crisis, chapter 2, pages 5-32, Palgrave Macmillan.
    • Handle: RePEc:pal:pslchp:978-1-137-48662-2_2
    DOI: 10.1057/9781137486622_2
    as

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