The Consequences of the Global Financial Crisis

The Consequences of the Global Financial Crisis

By Wyn Grant
Book Description

The Global Financial Crisis (GFC) is the most serious economic crisis since the Great Depression. Many books have explored its causes, but this book systematically explores its consequences. The focus is primarily on the policy and political consequences of the GFC. This book asks how governments responded to the challenge and what the political consequences of the combination of the GFC itself and policy responses to it have been. Based on workshops held in the United States and the United Kingdom, it brings together leading academics to consider the divergent ways in which particular countries have responded in different ways to the crisis, including China, France, the United Kingdom, and the United States. Part of what is happening is a structural shift in economic power from east to west, but China has its fragilities while Germany offers an example of a largely successful Western model. The book also assesses attempts to develop global economic governance and to reform financial regulation and looks critically at the role of credit rating agencies. Unlike earlier crises, no new paradigm has emerged to challenge existing ways of thinking, meaning that neoliberalism has emerged relatively unscathed. The crisis has lacked a coherent and innovative intellectual response and has been characterized by remarkable policy stability.

Table of Contents
  • Cover
  • Contents
  • List of Figures
  • List of Tables
  • List of Contributors
  • 1. Introduction
  • 2. The Theory and Practice of Global Economic Governance in the Early Twenty-First Century: The Limits of Multilateralism
  • 3. The United Kingdom: The Triumph of Fiscal Realism?
  • 4. The United States: The Strange Survival of (Neo)Liberalism
  • 5. Constructing Financial Markets: Reforming Over-the-Counter Derivatives Markets in the Aftermath of the Financial Crisis
  • 6. Financial Regionalism after the Global Financial Crisis: Regionalist Impulses and National Strategies
  • 7. Regaining Control? Capital Controls and the Global Financial Crisis
  • 8. Institutional Failure and the Global Financial Crisis
  • 9. What Happened to the State-Influenced Market Economies (SMEs)? France, Italy, and Spain Confront the Crisis as the Good, the Bad, and the Ugly
  • 10. Social Solidarity in Scandinavia after the Fall of Finance Capitalism
  • 11. French Responses to the Global Economic Crisis: The Political Economy of “Post-Dirigisme” and New State Activism
  • 12. Paradigm(s) Shifting? Responding to China’s Response to the Global Financial Crisis
  • 13. Conclusion
  • Index
    • A
    • B
    • C
    • D
    • E
    • F
    • G
    • H
    • I
    • J
    • K
    • L
    • M
    • N
    • O
    • P
    • Q
    • R
    • S
    • T
    • U
    • V
    • W
    • X
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