Graham K. Wilson and Wyn Grant

in The Consequences of the Global Financial Crisis

Published in print May 2012 | ISBN: 9780199641987
Published online September 2012 | e-ISBN: 9780191741586 | DOI:

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One common theme in the period since 2008 in both the United States and Europe was political failure to cope with the crisis, despite the success of the immediate stabilization efforts at the time of the initial collapse. Politicians always seemed to be behind the curve, reacting to events as they happened rather than developing any coherent plan of action, so that the markets increasingly lost confidence in their ability to cope and responded dramatically to any sign of trouble. The persistent eurozone crisis reflected problems of structure and agency. Germany has been resilient in the face of the Global Financial Crisis, but it has structural weaknesses and could be hit hard by a second wave of the crisis. One must be careful not to read off from current trends to suggest future economic dominance by China, as the Chinese economy has many fragilities. There has been no fundamental reform of the financial markets and a conservative set of fiscal policies. There is an opportunity for a new political vision.

Keywords: German economy; eurozone crisis; new paradigms

Chapter.  6480 words. 

Subjects: Political Economy ; Financial Institutions and Services

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