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Workers, Unions, and Global CapitalismLessons from India$
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Rohini Hensman

Print publication date: 2011

Print ISBN-13: 9780231148009

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231148009.001.0001

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Four Sources of the Global Crisis of 2008

Four Sources of the Global Crisis of 2008

(p.63) [3] Four Sources of the Global Crisis of 2008
Workers, Unions, and Global Capitalism

Rohini Hensman

Columbia University Press

This chapter examines four sources of the economic crisis of 2008 and suggests how three of them can be counteracted. The report of the UN Commission on Reforms of the International Monetary and Financial System mentioned three sources of the global crisis of 2008: “neoliberal policies that promoted the growth of national and international inequalities;” “undue deference being given to financial interests,” and the fact that “growing financial markets were held to be a desirable end in themselves rather than a means to ensuring a productive economy;” and the use of the U.S. dollar as the international reserve currency. A fourth source of the crisis, excessive military expenditure, was not mentioned in the report but has been analyzed extensively elsewhere.

Keywords:   2008 global crisis, neoliberal policies, International Monetary and Financial System, financial markets, military expenditure, U.S. dollar

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