IDEAS home Printed from https://ideas.repec.org/h/wsi/wschap/9789813274242_0061.html
   My bibliography  Save this book chapter

Us Subprime Mortgage Crisis And Global Financial Crisis, 2008–2009: A Short History

In: Capitalism in the 21st Century Why Global Capitalism Is Broken and How It Can Be Fixed

Author

Listed:
  • Donghyun Park

Abstract

Within the broader worldwide wave of growing disenchantment with and hostility to capitalism, one industry in particular has been singled out as the root of all evil. That industry is the global financial industry, epitomized by Wall Street in New York and The City in London. Criticism of Goldman Sachs, J.P. Morgan, Citibank, and the financial industry in general has grown louder by quite a few decibels since the Global Financial Crisis of 2008–2009. That crisis originated from the US subprime mortgage crisis and almost paralyzed the US financial system, before spreading like wildfire across the Atlantic and paralyzing the European financial system. In a nutshell, US banks and other US financial institutions were lending large amounts of money to subprime borrowers — i.e. borrowers with poor credit histories and low creditworthiness — to buy homes. To put it bluntly, the banks were giving out mortgage loans to homebuyers who should not be buying homes…

Suggested Citation

  • Donghyun Park, 2019. "Us Subprime Mortgage Crisis And Global Financial Crisis, 2008–2009: A Short History," World Scientific Book Chapters, in: Capitalism in the 21st Century Why Global Capitalism Is Broken and How It Can Be Fixed, chapter 61, pages 279-284, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813274242_0061
    as

    Download full text from publisher

    File URL: https://www.worldscientific.com/doi/pdf/10.1142/9789813274242_0061
    Download Restriction: Ebook Access is available upon purchase.
    File URL: https://www.worldscientific.com/doi/abs/10.1142/9789813274242_0061
    Download Restriction: Ebook Access is available upon purchase.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Muhammad Zeeshan Younas, 2020. "How Did Risk Management Methods Change After The 2007 Sub-Prime Mortgage Crisis In The United Kingdom?," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 9(1), pages 22-31, March.

    More about this item

    Keywords

    Capitalism; Globalization; Inequality; Entrepreneur; Financial Industry; Government; Socialism; Market;
    All these keywords.

    JEL classification:

    • F6 - International Economics - - Economic Impacts of Globalization
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • N2 - Economic History - - Financial Markets and Institutions
    • A1 - General Economics and Teaching - - General Economics
    • F00 - International Economics - - General - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wsi:wschap:9789813274242_0061. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tai Tone Lim (email available below). General contact details of provider: http://www.worldscientific.com/page/worldscibooks .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.