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World futures and the global financial crisis: narratives that define and scenarios that create


  • Sohail Inayatullah

    (Universidad de Tamkang, Taiwán. Universidad de Sunshine Coast, Australia)


In this paper using causal layered analysis, the underlying stories of the global financial crisis (gfc) are explored. The seven narratives presented are the GFC as: 1) a mortgage crisis, 2) a global banking crisis, 3) as part of the natural creative destruction cycle of the capitalist system, 4) a geopolitical shift from the USA to Chindia, 5) part of God’s plan, 6) a symptom of the inequity of the world capitalist system, and 7) a window of opportunity to a transformed greener partnership world. From analysis, the essay moves to five scenarios of the futures of the world system. These are: 1) business as usual, 2) the rise of «Chindia», 3) the quick and long road to sustainability, 4) the end game of capitalism, and 5) a new era.

Suggested Citation

  • Sohail Inayatullah, 2011. "World futures and the global financial crisis: narratives that define and scenarios that create," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 76(01), pages 64-91.
  • Handle: RePEc:ekz:ekonoz:2011105

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    More about this item


    global financial crisis; alternative futures; causal layered análisis; futures studies; narratives;

    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • F47 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Forecasting and Simulation: Models and Applications


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