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Throughout history, rich and poor countries alike have been lending, borrowing, crashing--and recovering--their way through an extraordinary range of financial crises. Each time, the experts have chimed, \"this time is different\"--claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. With this breakthrough study, leading economists Carmen Reinhart and Kenneth Rogoff definitively prove them wrong. Covering sixty-six countries across five continents, This Time Is Different presents a comprehensive look at the varieties of financial crises, and guides us through eight astonishing centuries of government defaults, banking panics, and inflationary spikes--from medieval currency debasements to today's subprime catastrophe. Carmen Reinhart and Kenneth Rogoff, leading economists whose work has been influential in the policy debate concerning the current financial crisis, provocatively argue that financial combustions are universal rites of passage for emerging and established market nations. The authors draw important lessons from history to show us how much--or how little--we have learned.

This article recommends the film Inside Job as an effective teaching tool for illustrating the ethical issues that surrounded the global financial crisis of 2008 and the subsequent economic downturn. The study discusses issues such as the revolving door, conflicts of interest, fiduciary duty, executive compensation, and financial regulation. The presentation of each ethical issue comprises suggested questions, background information, and guides to specific sections of the film. An overview of the film is provided as well.

This book analyzes the European Great Recession of 2008-12, its economic and social causes, its historical roots, and the policies adopted by the European Union to find a way out of it. It contains explicit debates with several economists and analysts on some of the most controversial questions about the causes of the crisis and the policies applied by the European Union. It presents the cases of Iceland, Greece and Ireland, the countries that first declined into crisis in Europe, each of them in a different way. Iceland is a case study for reckless banking practices, Greece of reckless public spending, and Ireland of reckless household indebtedness. At least seven other countries, mostly from the peripheries of Europe, had similarly reckless banking and spending practices. In the center of the book are the economic and social causes of the crisis. Contemporary advanced capitalism became financialized, de-industrialized and globalized and got rid of the \"straitjacket\" of regulations. Solid banking was replaced by high-risk, \"casino-type\" activity. The European common currency also had a structural problem - monetary unification without a federal state and fiscal unification. The other side of the same coin is European hyper-consumerism. A new lifestyle emerged during two super-prosperous periods in the 1950s to 1960s, and during the 1990s to 2006. Trying to find an exit policy, the European Union turned to strict austerity measures to curb the budget deficit and indebtedness. This book critically analyzes the debate around austerity policy. The creation of important supra-national institutions, and of a financial supervisory authority and stability mechanisms, strengthens integration. The correction of the euro's structural mistake by creating a quasi-fiscal unification is even more important. The introduction of mandatory fiscal rules and their supervision promises a long-term solution for a well-functioning co

With scrupulous fairness, Ferguson meticulously lays out for us the whole sordid mess: the deregulation of the financial-services industry that began in the '80s under President Reagan, the derivatives, insurance swaps, real-estate bubbles, subprime lending scams, institutions like A.I.G., Citigroup, Goldman Sachs - it's all here.

What's more, Ferguson actually breaks news, uncovering the shady world of academic economists who, as paid consultants for the very banks they write seemingly objective research papers about, are part of the revolving door between Wall Street and Washington.

The movie suspects that financial deregulation is at the root of how we got here. Since the Reagan era, Ferguson argues, the White House has been robustly staffed with men and women from finance who oppose regulation and have steadily acquired the administrative power to contort the government to their will.

Why? Because Ferguson knows how to make it so. There is the well-earned \"gotcha\" tradition (separate from, and greater than, the unearned \"gotchas\" of lesser filmmakers), such as Ferguson's questioning of David McCormick, former undersecretary for international affairs at the U.S. Department of Treasury, whose weaseling really is something.

[...] Mr. Ferguson recycles choice moments of triumphalism, courtesy of Lawrence H. Summers, George W. Bush, Alan Greenspan and various cable television ranters and squawkers.

(Globe critic Wesley Morris gave it four stars.) The documentary details the origins of the crisis through extensive interviews with people who watched, or helped, the economic house of cards fall apart, and points up the corruption that led to millions losing their homes.