Since the summer of 2008 the world has experienced the greatest destruction of wealth – paper losses measured in the trillions of dollars – in its history. No industry in the world has been left untouched. The financial powerhouses of Bear Stearns and Lehman Brothers have gone bankrupt and mortgage giants Fannie Mae and Freddie Mac had to be bailed out. Attempts by the US government to save industries led to an increased budget deficit, making some experts predict that the global power epicenter might shift away from the US before the crisis ends. On the other hand, it has become clear that Asian countries need to restructure their domestic economies to encourage consumption. They cannot continue to rely on credit-fueled American consumption to promote growth. Consumer confidence remains low with fears of a double-dip or an anemic recovery being voiced daily. Some poor countries, insulated from foreign finance, suffered from reductions in tourism, remittances and foreign aid. What began as a local problem of excess credit in the United States is likely has affected every member of the global community. All crises in the twentieth century have had world-wide consequences but the crisis of 2008 will go down in history as the first full-blown global crisis.

IMF: Global Corruption Costs Trillions in Bribes, Lost Growth

Bribes represent about 2 percent of global GDP, and erosion of trust in government is damaging
David Lawder
May 16, 2016

Recruiting Students Overseas to Fill Seats, Not to Meet Standards

Struggling public US colleges pay commissions to international recruiting agencies
Stephanie Saul
April 20, 2016

Bond Markets Reopen for Emerging Market Borrowers

The year promises more volatility
Elaine Moore
March 14, 2016

The End of Globalization?

Low commodity prices discourage global trade, with rebalancing from emerging economies to industrial powers
Daniel Gros
March 9, 2016

Worries Over China’s Slowdown Drive Global Markets

Frugality and risk-taking in Chinese culture make for heady mix – and gyrations for global markets
Farok J. Contractor
January 21, 2016

How to Make Sense of Plummeting Global Markets

Global economy is reasonably sound, but investors are nervous
Neil Irwin
January 21, 2016

A Towering Chinese Debt Mountain Looms Over Markets

Slowing economy and $28 trillion in debt rattles global markets
Enda Curran
January 15, 2016