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216 × 138 × 25 mm
272 pages
01 Feb 2013
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The Global Economic Crisis A Chronology John Rennie Short

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 enlightens us in The Global Economic Crisis, offering an insightful and nonpartisan chronology of events and their consequences and illuminating the interlocked economic processes that lay beneath the crisis. He describes and explains the changing nature of the global financial system, central bank policies, housing bubbles, deregulation, sovereign debt crises and more.

The timeline begins 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, before giving a comparative look at the economies of Brazil, China and India. 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.

‘Allen provides readers with a refreshingly nonjudgmental account of events preceding and during the global economic crisis that began in 2007 and continues to the present. Recommended’ — Choice

‘When the definitive history of the recent calamity is written, it should be conceded that Larry Allen penned an exceptional first draft. He goes far enough back to include most relevant factors in the pending disaster, and lays out the causes and consequences simply enough for ordinary readers to comprehend the dolorous series of events, yet raises sufficient questions for professional economists and policy-makers to ponder until the next crisis once again catches us unaware . . . A marvellous introduction to the financial crisis’ — International Affairs

‘[a] lively idiomatic survey . . . a good macroeconomic primer for a newcomer to the discipline, thanks not least to his almost conversational, expository style . . . especially good on derivatives, deregulation and Icelands crisis.’ — The Round Table

‘The economic and financial crisis that broke out in 2007 is still a focus of discussion among economists. The Global Economic Crisis contributes to this debate by providing a comprehensive account of the crisis that is heavily focused on speculative forces that prevail in global financial markets . . . the book blames speculation and deregulated markets for the global economic crisis. It will be of great interest to those wanting an historical perspective on the crisis. Its bigger advantage is that is it written in a plain language and addresses the economic factors behind the global economic crisis.’ — Eastern Economic Journal

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John Rennie Short is Professor of Geography at Syracuse University and the author of Global Dimensions: Space, Place and the Contemporary World (Reaktion, 2001), Representing the Republic: Mapping the United States, 1600-1900 (Reaktion, 2001), The World Through Maps (listed by Discover Magazineas one of the best science books published in 2003) and Making Space (2004).


1. Overview
2. Twilight of the Japanese Miracle
3. Financial Revolution
4. Euphoria in the Housing Market
5. Perils of Taming Inflation
6. Global Banking and Financial Crisis
7. The Rebirth of Keynesian Economics
8. China and India Knock at the Door
9. Commodity Prices Take Flight
10. The Weakening of the Labor Market
11. Strong of Sovereign Debt Jitters
12. The Long Road Back