The current global financial crisis is unique in that, unlike most previous crises — which started in the periphery of the world economy, and whose deep and long-lasting impacts were limited to isolated parts of the globe — today’s crisis is rooted in Wall Street, at the heart of the globalized market, from where it has grown and spread worldwide. As a result, powerful, globalized economies have taken the first and hardest punches. Although still a bit groggy, they are now struggling to get back on their feet. But while economists discuss how and when economies will emerge from this […]
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