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Development Cooperation in Times of Crisis$
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José Antonio Ocampo and José Antonio Alonso

Print publication date: 2012

Print ISBN-13: 9780231159661

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231159661.001.0001

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The Great Recession and the Developing World

The Great Recession and the Developing World

(p.17) Chapter 2 The Great Recession and the Developing World
Development Cooperation in Times of Crisis

José Antonio Ocampo

Stephany Griffith-Jones

Akbar Noman

Ariane Ortiz

Juliana Vallejo

Judith Tyson

Columbia University Press

This chapter analyzes the 2008 financial crisis and its effects on the developing world. This crisis was a result of diverse factors that combined in an explosive mix, with two particular traits that mark this crisis as a unique and ostensibly widespread, international phenomenon: the global impact of the crisis, and its epicenter in the United States, the most developed and sophisticated market in the world. For the first time, an episode of instability had nothing to do with the behavior of developing countries. In fact, it is due to the recovery capacity of a group of developing countries that the dynamism of the international economy did not fall further. The world has become increasingly dependent on these “emerging markets,” given that the calls for global financial reform seek a departure of the post-World War II emphasis on industrial-based institutions and onto the increased participation of developing countries.

Keywords:   2008 financial crisis, global impact, United States, developing countries, emerging markets, international economy, instability

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