The Global Financial Crisis Book

Foreword 13

Introduction 16

Chapter 1 Causes of the Global Financial Crisis

1 China and Russia Blame U.S. Policies for the Crisis Jenny Booth 22

2 The Greed of Financial Institutions Caused the Crisis Oskari Juurikkala 27

3 "Boom Thinking" Caused the Crisis Robert J. Shiller 32

4 The Weakness of Banking Regulations Caused the Crisis Vince Cable 42

5 Low Interest Rates Caused the Crisis Tito Boeri Luigi Guiso 53

6 Abandoning the Gold Standard Caused the Crisis Dominic Lawson 59

7 United States and China Must Join Forces to Control Crisis Michael Pettis 65

Periodical Bibliography 72

Chapter 2 Effects of the Global Financial Crisis on Wealthier Nations

1 In the United States, the Financial Crisis Creates Tent Cities and Homelessness Kathy Sanborn 74

2 Canada Will Not Suffer a Subprime Mortgage Crisis Jonathan Kay 80

3 Australia's Economy Remains Bound Up with That of the United States Sean Carmody 85

4 The European Union Is Buckling Under the Crisis Edward Hugh 92

5 In Iceland, an Economic Miracle Ended in Disaster Andrew Pierce 101

6 The Crisis Fuels Unrest in France, Britain, China, and Russia Thomas H?etlin Andreas Lorenz Christian Neef Matthias Schepp Stefan Simons 108

7 Israel Will Cut Social Programs, but Not Military Spending Daniel Rosenberg 121

Periodical Bibliography 127

Chapter 3 Effects of the Global Financial Crisis on Developing Nations

1 Worldwide, Migrant Workers Are Threatened by Job Losses and Xenophobia Ron Synovitz 129

2 In India and China, the Crisis May Worsen Poverty Jayshree Bajoria 135

3 China Could Use the Crisis to Become a Responsible World Power Jing Men 143

4 The Philippines Is in a Good Position to Weather the Crisis Antonio A. Esguerra II 150

5 Latin America Is Struggling to Deal with the Crisis Woodrow Wilson 157

6 Islamic Banks Are Insulated from the Crisis Faiza Saleh Ambah 164

Periodical Bibliography 170

Chapter 4 Solutions to the Global Financial Crisis

1 International Investments Complicate the Financial Crisis and Its Remedy Michael Mandel 172

2 Protectionist Measures Will Worsen the Crisis Jaime Daremblum 180

3 In Africa, Ending Neoliberal Economic Policies Will Solve the Crisis Demba Moussa Dembele 186

4 U.S. Bailouts Are Corporate Welfare and Will Not Solve the Crisis George Monbiot 201

5 Japan's Experiences Provide Lessons for Dealing with the Crisis Masaaki Shirakawa 207

6 The United States Should Follow Sweden's Example and Nationalize Its Banks Matthew Richardson Nouriel Roubini 219

7 Sweden's Experience Does Not Provide Support for Bank Nationalization Fredrik Erixon 225

Periodical Bibliography 231

For Further Discussion 232

Glossary 234

Organizations to Contact 238

Bibliography of Books 245

Index 249