Global Financial Crisis: The Great Recession and the Approaching Recovery

Abstract

This book was written over the 2007–10 period, when the present global financial crisis precipitated. This chapter focuses on essential facets of the crisis. In particular its causal factors and how it was sparked in the US and UK and then spread globally. It also delves into the fact that while apprehension of a second Great Depression persisted, it was averted by swift policy action. Although financial deglobalization did occur, signs of a moderate recovery — albeit uneven — became evident in the latter half of 2009.