Abstract

In the fall of 2008, a little more than a year after the Bank for International Settlements (a Switzerland-based organization that fosters cooperation between central banks) warned that "years of loose monetary policy have fuelled a giant credit bubble, leaving us vulnerable to another 1930s slump," the combustive concoction of free market fundamentalism, corporate-dominated globalization, stagnant wages, growing inequality, greed, excessive leverage, and financial innovations such as securitization finally exploded.

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