GLOBAL ECONOMIC CRISIS STUDIES (GECS)
As of this writing (March 2010), it appears that the global economic crisis is entering a new phase. The massive effort of governments to bail out the financial sector appears to have only shifted the crisis from one part of the global economy to another. The people of Greece, the latest but not the last or only victim in this shift, are being told they must further depress their standard of living or forego help from European Union governments and banks. Ireland, Spain and Portugal are nervously waiting in the wings with the promise of being the next to feel the bite, and Iceland is trying to feel its way through the collapse of its public sector. At the same time, China, India, and Brazil all seem to have weathered the initial phase of the storm for reasons that vary from country to country, and no one seems able to predict where growth and prices are headed.
This space offered by Centre for Strategic Research and Analysis is open to filling in gaps in our present knowledge of the crisis. If it has shown anything, the crisis has demonstrated how global the global economy has become, and how the crisis has taken different forms in different countries. This leaves open many questions, such as if and when we crossed a divide between an “old” and “new” economic order, and how national characteristics have modified its effects. Answering these questions requires a variety of tools and perspectives, which we invite and will share here.
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