This book showcases research by leading experts on the macroeconomic and labor market dimensions of the financial crisis of 2007–09. It provides a global overview, interpreting the causes, consequences, and policy responses to the Great Recession from the perspective of both developing and developed countries.
The authors trace the recession’s complex, multiple causes, ranging from market, policy, and regulatory failures to global imbalances. Since different countries have been affected in various ways, the authors delineate the diversity in the macroeconomic and labor market consequences. The impacts on specific population groups are also analyzed.
Noting the need for a combination of sound macroeconomic and labor market policies, the authors explore policy options for a postcrisis future. The volume argues that such a future would entail a renewed commitment to full employment and global collective action to advance the cause of “fair globalization.”