There is an argument in the popular media as well as articulated by the Federal Reserve Chief Mr. Bernanke that the current economic crisis is over. The attached article argues that the current crisis is far from over and there exist structural problems with contemporary capitalism which makes it more crisis prone.
Paul Krugman on the inadequacies of mainstream economics theory and its inability to reconcile with the global financial crisis.
"The recent crisis in global financial markets has clearly demonstrated the shortcomings of a deregulated financial regime." writes Vineet Kohli an Economist with Economic Research Foundation
After the outbreak of the financial crisis in 2008, the President of the UN General Assembly constituted an expert commission on finance to suggest ways of getting out of the present crisis and avoiding such crises in the future. This commission was chaired by Prof. Joseph Stiglitz. The Commission has submitted its preliminary recommendations.
This article tries to estimate the extent of joblosses in India as a result of the economic down turn.
Curbs on speculatory finance and an aggressive expansionary fiscal policy are the answers to what has gone wrong in the world today,writes Sunanda Sen.
Staid expert opinion coming from outside the ranks of neoliberal zealots on the economic crisis has concentrated on the feasibility of a 'New Deal' to rescue capitalism from the crisis. While opposition to war and militarism has only mounted around the world, the connect of these with the 'real economy' has not always been very central to the concern of even Left liberals.
A lot has been and is being written about the current economic crisis which is staring world capitalism in its face. As the figures for estimated losses and number of unemployed are rising, the realization that this is a crises at par with if not bigger than the great depression of the 1930s is slowly setting in. What needs to be done to pull the world economy out of this downturn has become the most important question at the current conjuncture. It is in this regard that an understanding of what are the roots of this crisis is an extremely important issue. This is so because, without a correct diagnosis of the factors which are responsible, appropriate measures for ensuring a recovery from this downturn would remain elusive,writes Roshan Kishore, Ph D scholar, Centre for Economic Studies and Planning, JNU.
Part of the right wing routinely blames undocumented immigrants for just about everything. On September 24, nine days after the financial meltdown started in earnest, the National Review Web site carried an article by columnist and blogger Michelle Malkin blaming "illegals" for the crisis and the subsequent bailout of the banks.
There is an old saying that when the USA sneezes Britain catches a cold!
Britain today is gripped by the very real danger of a prolonged and deep recession reminiscent of the depression of the 1930's.