Anatomy of a Crisis
It is difficult and risky to write about the economic events as they unravel, but the 2008–2009 economic crisis Is too important to be Ignored. The origins of the crisis were external, but the way different economies responded was determined by the degree to which they are integrated with the European and with the world economy, by the qualify of their macro-economic policies, Including fiscal policy, and by quality of institutions that shaped those policies. In this chapter we will ask what could be the lessons from the 2009–2010 crisis. Our answers are preliminary, and open to discussion. However, the discussion can hardly wait, as the answers are needed not only by historians but by policy-makers today.
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