The 2008 financial crisis poses three fundamental questions for economists and policy makers; understanding the origins of the crisis, understanding the consequences of this crisis for the world economy, and finally understanding why the 2008 financial crisis is not as serious as the 1929 crisis. The prevailing view is that the 2008 financial crisis was solely the result of inadequate financial regulation together with a very loose monetary policy conducted by central banks, especially the Fed. It is believed that this crisis is a temporary detour in the normal course of the events, so that in the near future capitalist economies will resume the high growth path observed before the crisis. In terms of the third question, there is a widespread view that the fundamental reason that explains the avoidance of the harmful experiences of 1929 was the fiscal and monetary policy expansions in developed countries. No important role is assigned to developing countries in terms of the effects of the financial crisis. This book challenges the prevailing orthodoxy surrounding the origins and the consequences of the 2008 financial crisis. The book demonstrates that measures in addition to a profound change in the financial regulation are required if a new financial crisis is to be avoided in the future, measures include: a change in the conduct of economic policy; a reform of the national and international monetary systems; and a radical change in the pattern of income distribution. This book is essential reading for all interested in macroeconomics, monetary policy, development economics and the global impact of the financial crisis.

As major financial centres are on high alert for the imminent collapse of Lehman Brothers in September 2008, a young couple in New York is swept into an ancient financial plot. Around the world, strange and seemingly unrelated events – a murder in Venice, a plane crash in the South China Sea, a fatal accident in Sao Paulo – coincide with politicians and central bankers receiving secret messages. The powerful shadowy organization behind centuries of financial crises springs into action once again.

By reaching beyond "how" the crisis happened to "why" the crisis happened, the authors provide fresh thinking about how to respond

"From easy money to greed, there is no shortage of explanations for the global financial crisis that began in 2008. Some even deny it is a crisis, arguing that the Great Recession is just one of the many busts that are inevitable in the boom and bust cycle that plagues capitalist economies. Yet the claim that the financial crisis is just part of capitalism is an evasion that refuses to make judgments about the individual and collective actions that helped make this particular crisis possible. This book brings together philosophers, businessmen, economists, political theorists, and historians to ask after the cultural and intellectual transformations that underlie this particular crisis. Grounded in the thinking of Hannah Arendt, the essays touch upon Max Weber, Karl Marx, Adam Smith, John Maynard Keynes, and Michel Foucault. Some essays trace the rise of economic thinking and the decline of political judgment. Others explore how Keynesian economics is either a cause or a cure of the financial crisis. And still others ask pointed questions about contemporary business practices and the culture of financial capitalism. As a whole, the volume raises fundamental questions about the intellectual foundations of the global financial crisis."--Publisher's abstract.

*The current financial crisis is the worst the world has seen since the Great Depression of the 1930s. For younger generations, accustomed to mild recessions of the new phase of globalization, the misery of the Great Depression is hitherto nothing more than a distant legend*In the new, globalized world of closely interdependent economies, the crisis affected almost every part of the world, receiving extensive coverage in the international media.*Since the summer of 2008 the world has experienced the greatest destruction of wealth 'Äì paper losses measured in the trillions of dollars 'Äì in its history. No industry in the world has been left untouched. *The timing of the rescue is uncertain, and the certainty of its efficacy remains in question. To put the matter in historical perspective, there is still no consensus on whether government spending policies of Franklin D. Roosevelt or increased demand for goods created by Second World War pulled the United States out of the Great Depression. *This book also has explored the nature of financial diffusion across the main advanced and emerging country regions taking United States as the most natural origin of the 2007-2009 global financial crisis. Examining the sources of financial crisis has emerged as a crucial research focus in the aftermath of the famous financial crises. Many important theoretical researches underscore the importance of strong trade linkages and macroeconomic similarities as the main sources spreading the crisis from one country to the entire region (and other regions). *This overall state of affairs in the global economy reflects the confluence of three major shocks: high commodity prices, the housing downturn affecting the United States and several other advanced economies, and the financial crisis. The interplay of these shocks has made policymaking much more difficult.

The 10th anniversary edition, with new chapters on the crash, Chimerica, and cryptocurrency "[An] excellent, just in time guide to the history of finance and financial crisis." —The Washington Post "Fascinating." —Fareed Zakaria, Newsweek In this updated edition, Niall Ferguson brings his classic financial history of the world up to the present day, tackling the populist backlash that followed the 2008 crisis, the descent of "Chimerica" into a trade war, and the advent of cryptocurrencies, such as Bitcoin, with his signature clarity and expert lens. The Ascent of Money reveals finance as the backbone of history, casting a new light on familiar events: the Renaissance enabled by Italian foreign exchange dealers, the French Revolution traced back to a stock market bubble, the 2008 crisis traced from America's bankruptcy capital, Memphis, to China's boomtown, Chongqing. We may resent the plutocrats of Wall Street but, as Ferguson argues, the evolution of finance has rivaled the importance of any technological innovation in the rise of civilization. Indeed, to study the ascent and descent of money is to study the rise and fall of Western power itself.