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The crisis and beyond: thinking outside the box

  • Hillinger, Claude

In this paper the author attempts an analysis of the current financial/economic crisis that is wider ranging and more fundamental than he has been able to find. For this purpose he reviews some social science literature that views the current crisis as an episode in the secular decline of the United States and more generally of the Western Democracies. The timidity of current reforms, which is striking when compared to those that followed the excesses of the Gilded Age and the Great Depression, can be understood in this framework. The author discusses alternatives to the financial bailouts and shows how the crisis could have been dealt with more efficiently and at little cost to taxpayers. Finally, he discusses fundamental reforms that would greatly reduce the volatility of financial markets and increase their efficiency.

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File URL: http://www.economics-ejournal.org/economics/discussionpapers/2010-1
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File URL: http://econstor.eu/bitstream/10419/29535/1/615808565.pdf
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Paper provided by Kiel Institute for the World Economy in its series Economics Discussion Papers with number 2010-1.

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Date of creation: 2010
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Handle: RePEc:zbw:ifwedp:20101
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  1. Reinhart, Carmen & Rogoff, Kenneth, 2009. "This Time It’s Different: Eight Centuries of Financial Folly-Preface," MPRA Paper 17451, University Library of Munich, Germany.
  2. Hillinger, Claude, 2006. "Science and Ideology in Economic, Political, and Social Thought," Discussion Papers in Economics 1246, University of Munich, Department of Economics.
  3. Raghuram G. Rajan, 2009. "The credit crisis and cycle-proof regulation," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 397-402.
  4. Liebowitz Stan J, 2009. "ARMs, Not Subprimes, Caused the Mortgage Crisis," The Economists' Voice, De Gruyter, vol. 6(12), pages 1-5, November.
  5. Gerald P. Dwyer, Jr. & R.W. Hafer, 1999. "Are money growth and inflation still related?," Economic Review, Federal Reserve Bank of Atlanta, issue Q2, pages 32-43.
  6. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973, March.
  7. Hillinger, Claude, 2008. "How to deal with the US financial crisis at no cost to the taxpayer," Discussion Papers in Economics 6929, University of Munich, Department of Economics.
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