Economics of the Financial Crisis

MARCO ANNUNZIATA is the Chief Economist of General Electric. A member of the ECB's Shadow Council and the European Council of Economists, he has been featured on Bloomberg, CNBC, and in the Financial Times and the Wall Street Journal. He has spent 16 years between the IMF and the private financial sector.

• PART I: A BRIEF HISTORY OF SCARY TIMES Introduction: From Hubris to Humble Pie How Did We Get There? The Earthquake PART II: GLOBALIZATION: HOPES, FEARS AND SHIFTING POWERS Asia Fuels Hopes and Fears No Man is an Island: International Policy Coordination—Accident or Design? European Hubris PART III: LESSONS RIGHT AND WRONG Deflation, Quantitative Easing, and the Money Multiplier Has Capitalism Failed? The Dangerous Temptation of Scapegoating and the Debate on Ethics PART IV: THE WAY FORWARD The Eurozone's Existential Challenge Exit Conclusion