Israel and China

In: Business and Management

Submitted By le2610
Words 1365
Pages 6
GLOBAL ECONOMIC DEVELOPMENTS
Leticia Scheinkman
Final Assignment

1.The first age of globalization came to an abrupt and painful end with the economic and financial crisis that engulfed the world starting in 1929. Is globalization again at risk as a result of our current global economic and financial crisis? What similarities between the two episodes suggest that globalization is again at risk? What differences suggest that it is not? What is your evaluation of the risks, at the moment, on balance? In Addition, READ the attached article: G20 Process- from the economist.
First of all it is important to understand the socio-economic, politic and geographic situation that both 1929 and 2008 crises were based.
The great depression which originated in 1929 in US and spread world over by 1930’s was characterized by barren business and huge unemployment. The main cause of this depression which took all the nations towards financial crises was crashing of the stock markets in 1929. Thousands of investors lost their money in stock markets, leading to a longest recession which comprised huge layoffs, unemployment , wiping out of business activities and which left millions of people depending on government or charity for food.
Both episodes were preceded by rapid credit expansion and financial innovation that led to high leverage. However, while the 1920s credit boom was largely US-specific, the 2004-07 boom was global. With much higher levels of real and financial integration than during the interwar period, a US financial shock now has a larger and more immediate impact on financial systems elsewhere. These greater financial vulnerabilities must be balanced against weaker global economic conditions in 1929. Germany was already in recession then. Wholesale and, to a lesser extent, consumer prices in major economies had already stagnated or begun falling before the onset…...

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