Abstract
Books, essays and articles on the causes, dynamics and impacts of the 2007+ global economic/financial crisis and the related economic depression are numerous and growing. Widespread agreement exists on the sequence of events leading to the crisis (European Parliament, 2009; US Government Financial Crisis Inquiry Commission, 2011): from the housing bubble and the subprime crisis in the US market to the risk of default and the federal rescue with large amounts of public money of the two giants of US housing credit firms Fannie Mae and Freddie Mac and one of the largest US insurance companies AIG; from the crisis of the five largest American investment banks that were at the core of global finance (the default of Lehman Brothers and the acquisition or transformation of the others) to the financial panic caused by the vast proliferation of the toxic products of the shadow finance system that fostered a generalised crisis of confidence in banks, firms and families, thus contributing ultimately to the recession of the real economy.
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© 2013 Tom R. Burns, Alberto Martinelli, Philippe DeVille
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Burns, T.R., Martinelli, A., DeVille, P. (2013). A Socioeconomic Systems Model of the Global Financial Crisis of 2007+: Power, Innovation, Ideology and Regulatory Failures. In: Pixley, J., Harcourt, G.C. (eds) Financial Crises and the Nature of Capitalist Money. Palgrave Macmillan, London. https://doi.org/10.1057/9781137302953_13
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DOI: https://doi.org/10.1057/9781137302953_13
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