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Has the global financial crisis produced a New World Order?

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  • Iley, Richard A.
  • Lewis, Mervyn K.

Abstract

Described by Ben Bernanke, Chairman of the Board of Governors of the Federal Reserve System, as the worst financial crisis in global history, the economic impact of the global financial crisis would have been much worse had it not been for Asia (excluding Japan). In broad terms, the crisis has accelerated the secular emergence of Asia, whereas the US recovery is weak by historical standards and problems in Europe continue. What accounts for this two-tier pattern of world growth? Does this juxtaposition signal a permanent re-ordering of world business – in other words, a New World Order?

Suggested Citation

  • Iley, Richard A. & Lewis, Mervyn K., 2011. "Has the global financial crisis produced a New World Order?," Accounting forum, Elsevier, vol. 35(2), pages 90-103.
    • Handle: RePEc:eee:accfor:v:35:y:2011:i:2:p:90-103
    DOI: 10.1016/j.accfor.2011.03.001
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    References listed on IDEAS

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    1. Mervyn K. Lewis, 2011. "Monetary Policies During the Financial Crisis: An Appraisal," Chapters, in: Steven Kates (ed.), The Global Financial Crisis, chapter 8, Edward Elgar Publishing.
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