Causes of the Great Recession of 2007-9: The Financial Crisis is the Symptom not the Disease! / Ravi Jagannathan, Mudit Kapoor, Ernst Schaumburg.

Format:

Book

Author/Creator:

Jagannathan, Ravi.

Contributor:

National Bureau of Economic Research.

Kapoor, Mudit.

Schaumburg, Ernst.

Series:

Working Paper Series (National Bureau of Economic Research) no. w15404.

NBER working paper series no. w15404

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Causes of the Great Recession of 2007-9

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2009.

Summary:

Globalization has made it possible for labor in developing countries to augment labor in the developed world, without having to relocate, in ways not thought possible only a few decades ago. We argue that this large increase in the developed world's effective labor supply, triggered by geo-political events and technological innovations, coupled with the inability of existing institutions in the US and developing nations themselves to cope with this shock set the stage for the great recession. The financial crisis in the US was but the first acute symptom.

Notes:

Print version record

October 2009.