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.

G-20 Pledges to Avoid Devaluations in Push to Defuse Global Trade Tensions

Seeking balance, G-20 chiefs vow cooperation to let markets set currency values
Simon Kennedy, Eunkyung Seo
October 26, 2010

Surprising But True, US Exports Are Growing

Despite China's mounting surplus, the US makes strides in growth with exports
Edward Gresser
October 20, 2010

Europe Frets Over Foreign Investments in Defense Industry

Europe must organize its fragmented defense industry and coordinate regulations on sovereign wealth funds
Clara Marina O’Donnell
October 15, 2010

Jobless America Threatens to Bring Us All Down With It

US refusal to pay taxes increases debt and dangerous global imbalances
Jeremy Warner
October 15, 2010

Reverse Coupling

By building domestic markets, developing nations could revive the global economy
Nayan Chanda
October 11, 2010

Challenges for a Squabbling Europe – Part I

Lack of solidarity and common vision could sink the euro and impede the EU’s progress
Katinka Barysch
September 22, 2010

Steps Out of the Global Development Crisis

The crisis isn’t over – not without global partnerships on unemployment and environmental sustainability
Jens Martens
September 20, 2010