A Tale of Two Cities: Financial Meltdown and the Atlantic Divide

David Coates and Kara Dickstein

Chapter 4 in The Legacy of the Crash, 2011, pp 60-78 from Palgrave Macmillan

Abstract: Abstract The 2008 financial meltdown was a genuinely global affair. By the time it was over, the global banking system had lost up to $4.1 trillion of its value, the world fiscal deficit had risen from 2 percent to over 10 percent, and economies worldwide had seen a spike in unemployment that totaled at least 50 million (Skidelsky, 2009, pp. 13–16). These enormous numbers stand comparison to those generated by the depression of the 1930s, and like that depression, the one which began in 2008 threw a long global shadow. But the shadow was not the same everywhere. It was deepest where the crisis originated and the meltdown first occurred – in the United States and the United Kingdom. And even where it was deepest, there we can still see significant variations of gray. The purpose of this chapter is to chart and explain both the shadow and the variation.

Keywords: Gross Domestic Product; House Price; Housing Market; Hedge Fund; Building Society (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-34349-8_4

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DOI: 10.1057/9780230343498_4

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