What began as a bursting of the U.S. housing market bubble and a rise in foreclosures has ballooned into a global financial and economic crisis. The world now appears to have entered a global recession that is causing widespread business contraction, increases in unemployment, and shrinking government revenues. Some of the largest and most venerable banks, investment houses, and insurance companies have either declared bankruptcy or have had to be rescued financially. The world is facing the worst economic conditions since the great depression. The crisis has exposed fundamental weaknesses in financial systems worldwide, demonstrated how interconnected and interdependent economics are today and has posed vexing policy dilemmas for governments. This book is an analysis of the global financial crisis and its policy implications.
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