Since the summer of 2008 the world has experienced the greatest destruction of wealth – paper losses measured in the trillions of dollars – in its history. No industry in the world has been left untouched. The financial powerhouses of Bear Stearns and Lehman Brothers have gone bankrupt and mortgage giants Fannie Mae and Freddie Mac had to be bailed out. Attempts by the US government to save industries led to an increased budget deficit, making some experts predict that the global power epicenter might shift away from the US before the crisis ends. On the other hand, it has become clear that Asian countries need to restructure their domestic economies to encourage consumption. They cannot continue to rely on credit-fueled American consumption to promote growth. Consumer confidence remains low with fears of a double-dip or an anemic recovery being voiced daily. Some poor countries, insulated from foreign finance, suffered from reductions in tourism, remittances and foreign aid. What began as a local problem of excess credit in the United States is likely has affected every member of the global community. All crises in the twentieth century have had world-wide consequences but the crisis of 2008 will go down in history as the first full-blown global crisis.

Beijing Is Key to Creating More U.S. Jobs

China's currency, a global problem in need of a global solution
C. Fred Bergsten
April 22, 2010

Crumbs from the BRICs-Man’s Table

Emerging powers help poorer nations, but may just be helping themselves
April 7, 2010

A Greek Tragedy Haunts the World – Part II

While its impact complicates US recovery, Obama needs to engage with Europe
Bruce Stokes
March 3, 2010

The G-20 and the Future of Capitalism – Part III

For all its inequity, instability and immorality, a chastened capitalism is here to stay
Pranab Bardhan
April 3, 2009

The G-20 and the Future of Capitalism – Part I

Vacuous talk of international cooperation while countries chart their narrow course does not bode well
Jeffrey E. Garten
March 30, 2009

Economic Crisis Could Push Reform in China

China can stimulate the economy by diffusing the wealth effect, promoting private ownership and entrepreneurship
Zhiwu Chen
November 12, 2008

Global Crisis: How Far to Go? Part II

Falling export demand could rattle Asian countries, but most are resilient enough to survive
Manu Bhaskaran
October 10, 2008