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8 - Concluding Discussion

Published online by Cambridge University Press:  01 June 2011

Stefan Hedlund
Affiliation:
Uppsala Universitet, Sweden
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Summary

We began the present journey in the world of financial markets, detailing how the sudden onset of the global financial crisis raised the specter of a return to the Great Depression of the 1930s. Deeply shaken by the collapse of the venerable investment bank Lehman Brothers, markets were gripped by fear that rapidly spilled over into the public and political spheres. As investors stampeded for the door, seeking to sell whatever could be sold, and as bankers refused to lend, the real side of the economy went into tailspin and outraged members of the general public began fielding accusations of inveterate corporate greed.

Caught in the midst of the turmoil, governments faced a dual challenge. On the one hand, it was viewed as clearly necessary to take swift action to stem a rising tide of panic that just might have caused a global depression. On the other, it was viewed as equally necessary to show political resolve in curbing the various manifestations of greed that were held by so many to constitute the main cause of the crisis. While it was easy enough to be caught by the high drama of the ensuing events, it is important to remember that they form only part of an overall and far more complex picture.

Type
Chapter
Information
Invisible Hands, Russian Experience, and Social Science
Approaches to Understanding Systemic Failure
, pp. 231 - 255
Publisher: Cambridge University Press
Print publication year: 2011

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  • Concluding Discussion
  • Stefan Hedlund, Uppsala Universitet, Sweden
  • Book: Invisible Hands, Russian Experience, and Social Science
  • Online publication: 01 June 2011
  • Chapter DOI: https://doi.org/10.1017/CBO9781139003612.010
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  • Concluding Discussion
  • Stefan Hedlund, Uppsala Universitet, Sweden
  • Book: Invisible Hands, Russian Experience, and Social Science
  • Online publication: 01 June 2011
  • Chapter DOI: https://doi.org/10.1017/CBO9781139003612.010
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Concluding Discussion
  • Stefan Hedlund, Uppsala Universitet, Sweden
  • Book: Invisible Hands, Russian Experience, and Social Science
  • Online publication: 01 June 2011
  • Chapter DOI: https://doi.org/10.1017/CBO9781139003612.010
Available formats
×