Allen begins the timeline with the economic crisis in Japan in the late 1990s, asking whether Japan’s experience could be an indicator of the outcome of the recession and what it can teach us about managing a sluggish economy. He then takes a comparative look at the economies of Brazil, China, and India. Throughout, he argues that many elements have contributed to the ongoing crisis, including the introduction of the euro, the growth of new financial instruments such as securitization, collateralized debt obligations and credit default swaps, interest rate policies, and the housing boom and subprime mortgage fiasco.
Larry Allen is professor of economics at Lamar University and is the author of The Global Financial System, 1750-2000; the Encyclopedia of Money; and the ABC-CLIO World History Companion to Capitalism.
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