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Book contents
- Frontmatter
- Contents
- Preface
- Introduction
- 1 Opportunity and Self-Interest
- 2 Scope and Tradition of Social Science
- 3 Markets under Central Planning
- 4 Russia's Historical Legacy
- 5 Markets Everywhere
- 6 Institutional Choice
- 7 History Matters
- 8 Concluding Discussion
- 9 Implications for Social Science
- Bibliography
- Index
8 - Concluding Discussion
Published online by Cambridge University Press: 01 June 2011
- Frontmatter
- Contents
- Preface
- Introduction
- 1 Opportunity and Self-Interest
- 2 Scope and Tradition of Social Science
- 3 Markets under Central Planning
- 4 Russia's Historical Legacy
- 5 Markets Everywhere
- 6 Institutional Choice
- 7 History Matters
- 8 Concluding Discussion
- 9 Implications for Social Science
- Bibliography
- Index
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.
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- Chapter
- Information
- Invisible Hands, Russian Experience, and Social ScienceApproaches to Understanding Systemic Failure, pp. 231 - 255Publisher: Cambridge University PressPrint publication year: 2011