Year-end Sale % OFF 
Abstract
The global financial crisis began in 2007, and we are still feeling its effects. It has involved the collapse or near- collapse of large commercial banks, hugely expensive interventions by governments to guarantee deposits and buy bank assets, a steep decline in bank lending to individuals and businesses, significant falls in consumer activity, both domestic and international, with a resulting reduction in trade. Government indebtedness due to the crisis has resulted in diminished welfare states in Western Europe and a worsening of the position of the worst off in developed countries. In the United States, repossessions of properties rose very markedly after 2006, and members of both low and middle income groups have at times been very badly affected.
Highlights
The global financial crisis began in 2007, and we are still feeling its effects
Some people say that a bad “culture” grew up in banking in the years leading up to the crisis, and that this, more than individual action, or this rather than individual action, operated to create the crisis
Even if this view is wrong, and there are identifiable guilty, and blameworthy, people, should we blame them? This question bears two senses, depending on whether blame is interpreted as an attitude or a public practice
Summary
The global financial crisis began in 2007, and we are still feeling its effects. It involved the collapse or near-collapse of large commercial banks, hugely expensive interventions by governments to guarantee deposits and buy bank assets, a steep decline in bank lending to individuals and businesses, significant falls in consumer activity both domestic and international, and a resulting reduction in trade. Two natural and related questions about the crisis are “What caused it?” and “Who, if anyone, is to blame?” Neither admits of a simple answer. The first is caught up with the difficulty of establishing an uncontroversial narrative of the crisis that is suitably related to data on previous, more local, financial crises.[1] The problem of a reliable narrative affects the question of blame-
Sign-in/Register to view highlights & summary Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
