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Essay on Global Financial Crisis - Book Report/Review Example

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Essay on Global Financial Crisis

The savings are recycled through the international banking system on a regular basis to fuel demand. Second, cheap credit given by banks without checking the credit worthiness of the borrowers. Thirdly, the rise in the commodity prices also contributed a lot to the financial crisis and Lastly, according to him is the bailout seeked by some irresponsible banks from the tax payers telling them otherwise it will lead to the complete wiping of the financial institution. He says that the 1980 crisis was resolved when the banks hugely wrote off their Third World debt, sacked their reckless mangers and shareholders also suffered large losses. But, eventually it all came under control without threatening the world economy on a large scale. Whereas, in the current times the global financial system is sinking and bail outs are no longer a exception but have become a routine affair. The difference in outcome is because that even in the 1970's surplus money was recycled but it was done by the off-shore branches of the Parent Bank, bringing no risk to the Western Banking system, even if their was a default. Whereas, the current crisis stems from UK's financial liberalisation in the 1980s, and the Clinton era abolition of the Glass-Steagall Act, which had kept a firewall between the commercial and investment banking parts of the financial system since the 1930s. ...Show more

Summary

I'm referring to a Article written by Deepak Lal for the Business Standard, published on 25th November, 2008. It is about the Global Financial Crisis that exists today. It compares the current global financial crisis to the Third World Debt Crisis of the 1980's …
Author : kayabradtke
Essay on Global Financial Crisis essay example
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