Artikel
The crisis and beyond: Thinking outside the box
In this paper the author attempts an analysis of the current financial/economic crisis that is wider ranging and more fundamental than he has been able to find. He discusses alternatives to the financial bailouts and shows how the crisis could have been dealt with more efficiently and at little cost to taxpayers. Finally, the author discusses fundamental reforms that would reduce the volatility of financial markets and increase their efficiency. He reviews some social science literature that views the current crisis as an episode in the secular decline of the United States and more generally of the Western Democracies. The timidity of current reforms, which is striking when compared to those that followed the excesses of the Gilded Age and the Great Depression, can be understood in this framework. The author concludes that the industrialized world is now dominated by a financial-political complex that maximizes speculative profits in good times and socializes losses in times of crisis.
- Language
-
Englisch
- Bibliographic citation
-
Journal: Economics: The Open-Access, Open-Assessment E-Journal ; ISSN: 1864-6042 ; Volume: 4 ; Year: 2010 ; Issue: 2010-23 ; Pages: 1-61 ; Kiel: Kiel Institute for the World Economy (IfW)
- Classification
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Wirtschaft
Price Level; Inflation; Deflation
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Central Banks and Their Policies
- Subject
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Deficit financing
financial crisis
financial instability
full reserve banking
sovereign default
toxic assets
Finanzmarktkrise
Wirtschaftskrise
Antizyklische Finanzpolitik
Geldpolitik
Bankenpolitik
Staatliche Einflussnahme
USA
Westliche Staaten
- Event
-
Geistige Schöpfung
- (who)
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Hillinger, Claude
- Event
-
Veröffentlichung
- (who)
-
Kiel Institute for the World Economy (IfW)
- (where)
-
Kiel
- (when)
-
2010
- DOI
-
doi:10.5018/economics-ejournal.ja.2010-23
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Hillinger, Claude
- Kiel Institute for the World Economy (IfW)
Time of origin
- 2010
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