Black Swans, Crisis Economics, and Globalization: A Critical Appraisal
Date
2011-06-29
Authors
Illgner, Astrid
Platt, Juhani
Taylor, Brandon
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Abstract
The severity of the recent global financial crisis has sparked intense debate among economists, politicians, and the public regarding the factors that led to the downturn, as well as the future of U.S. fiscal policy. Amidst the debate, general sentiment is echoed in a question from New York Times columnist and author Andrew Ross Sorkin: “could the financial crises have been avoided? That is the $1.1 trillion question3⁄4the price tag of the bailout thus far. The answer to that question is ‘perhaps’.”1 In the search for causes, we are also examining the nature of our economy, the roles financial institutions and government play within it, and hopefully an insight that can shelter us from unforeseen hazards.
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Keywords
Finance, Globalization