ECONOMISTS are an argumentative bunch. Yet before the crisis most found common ground in the notion that fiscal stimulus was an obsolete relic. Monetary policy seemed wholly capable of taming the business cycle.
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THE collapse of Lehman Brothers, a sprawling global bank, in September 2008 almost brought down the world’s financial system. It took huge taxpayer-financed bail-outs to shore up the industry. Even so, the ensuing credit crunch turned what was already a nasty downturn into the worst recession in 80 years. Massive monetary and fiscal stimulus prevented a buddy-can-you-spare-a-dime depression, but the recovery remains feeble compared with previous post-war upturns. GDP is still below its pre-crisis peak in many rich countries, especially in Europe, where the financial crisis has evolved into the euro crisis. The effects of the crash are still rippling through the world economy: witness the wobbles in financial markets as America’s Federal Reserve prepares to scale back its effort to pep up growth by buying bonds.
Curated by jean lievens
Economist, specialized in political economy and peer-to-peer dynamics; core member of the P2P Foundation
Anders en beter
Met P2P voorbij markt en staat: voor een progressieve coalitie rond de commons. Met nieuws over op p2p gebaseerde praktijken en hoe de overheid, de politiek en de zakenwereld ermee (kunnen) omgaan...
money money money
on money and what it is
From the Great White Way to the West-End and beyond
on peer-to-peer dynamics in politics, the economy and organizations
Not TINA (There Is No Alternative) but TAPAS: THERE ARE PLENTY OF ALTERNATIVES