Shifts and shocks. What has taught us and still have to teach a financial crisis
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Two huge forces are changing the appearance of the global economy: the rapid shift in the economic power from the experiencing recession of the west to the growing east and shocks caused by the waves of financial crises that covered the countries with high income. These are deep, long and interrelated changes that determine the appearance of the world for decades. The shift reflects the complete change in the semi-imaginary trend towards the economic discrepancy that led to the fact that citizens of high-income countries practically have a monopoly on the results of the industrialization process. Yesterday"s differences in growth between economies with high incomes and new market economies today led to a rapid approach from the point of view of income. But although this convergence itself is desirable, it also puts serious challenges in front of the global economy. Financial shocks significantly strengthen these challenges. They led to a long-term process reduction of the credit lever and slow growth in countries with high incomes and a particularly strong crisis in a fragile eurozone. Moreover, the global economic shift has created certain conditions for these shocks, primarily global macroeconomic imbalances and a tendency to decrease wages
Author:
Author:Wulf M.
Cover:
Cover:Hard
Category:
- Category:Business & Money
- Category:Politics & Social Science
ISBN:
ISBN:978-5-93255-460-9
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