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.

Advanced Economies: Minutes to Midnight? Part II

Amid mounting debt, impending defaults, Europe may need outside help for financial rescue
Bruce Stokes
May 2, 2011

The Experience Economy

Wealthy nations and modern industries may have lost the will for job creation
David Brooks
February 24, 2011

Brazilians Making an Economic Mark

Brazil emerges as Florida’s top trade partner
Mimi Whitefield
February 15, 2011

Irish Pubs Close in Droves

Global forces shutter a symbol of Irish culture
Conor O’Clery
February 4, 2011

IMF Raises Spectre of Civil Wars as Global Inequalities Worsen

Asia overheats, the West struggles with unemployment – and inequality adds turmoil
Ambrose Evans-Pritchard
February 3, 2011

Anger Divides America Blocking New Thinking

Americans must rise to the challenges, speaking out on issues and avoiding extremism
Lewis M. Simons
January 31, 2011

Uganda: Surely, We Are Not As Simplistic as the Tunisians, Are We?

Tunisian-style revolt could be the outcome for leaders who mismanage national wealth
Fredrick M. Masiga
January 25, 2011