The Global Economic Crisis

The Global Economic Crisis

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From Greece scrambling to meet Eurozone austerity measures to Americaa€™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 recessiona€”and why it has continueda€”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 Japana€™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 statea€”and futurea€”of the worlda€™s economy.In 2005 Countrywide Financial Corp., the u.s.a#39;s largest mortgage lender, shaved twenty points off the minimum credit score a ... a part of JPMorgan Chase aamp; Co., started offering home-equity loans and lines of credit without income verification.

Title:The Global Economic Crisis
Author:Larry Allen
Publisher:Reaktion Books - 2013-06-01


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