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- Title
THE INTELLECTUAL FOUNDATIONS OF THE GLOBAL FINANCIAL CRISIS: ANALYSIS AND PROPOSALS FOR REFORM.
- Authors
de Graaf, Frank Jan; Williams, Cynthia A.
- Abstract
The article describes the significance of intellectual foundations of global financial crisis (GFC) of 2008 and 2009. It tackles the admission of Alan Greenspan in March 2008 in which he stressed that the faith of neo-liberal proponents in relatively unrestricted market operations, on the footing that the market, would always adjust to avoid a destructive crisis. Greenspan stresses that people who look to the self-interest of lending institutions to protect shareholder equity have to be in a state of shocked disbelief. It provides a critical analysis of what market fundamentalism is all about. The authors point out that neo-classical thinking still represents the mainstream of economics and almost every other theory starts from neo-classical reasoning.
- Subjects
GLOBAL Financial Crisis, 2008-2009; FINANCIAL crises; ECONOMIC reform; GREENSPAN, Alan, 1926-; FINANCIAL markets; NEOLIBERALISM; FINANCIAL institutions; ECONOMICS; PSYCHOLOGY
- Publication
University of New South Wales Law Journal, 2009, Vol 32, Issue 2, p390
- ISSN
0313-0096
- Publication type
Article