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Long-term causes of the financial crisis?
What are the long term causes of the current financial crisis?
The analysis in this section of the map will draw on various sources, starting with:
Professor Barry Eichengreen's article
Anatomy of a Crisis
published in Daily News Egypt on 19th September 2008 as part of
Project Syndicate
.
Jeffrey D. Sachs's article
How to Fix the US FInanical Crisis
published on 3rd October 2008.
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Money is created through interest bearing loans.☜The global money supply doubles every decade. Most is created by banks issuing loans (=>debt) at interest. All countries bar 4 are in debt - not to each other, but to banks. It should not surprise us therefore that the world economy has vast amounts of debt at its centre. ☜FFB597
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Unustainable forces of production/consumption: Capitalism
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Unintended consequences of earlier public policy choices
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Lack of financial literacy.
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Accountability Mechanisms ill-suited for Network Style Dec-Making
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Global Savings Glut
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Human cognitive biases
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Increased power of finance capital leading to rent-seeking behavior
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Natural financial dynamics of the baby boom generation
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Global financial crisis shook the dominant economic model
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Wage increases stop matching productivity in 1970's
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Graph of this discussion
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Entered by:-
David Price
NodeID:
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Node type:
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Entry date (GMT):
9/24/2008 9:24:00 PM
Last edit date (GMT):
10/13/2008 11:16:00 AM
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