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| Photo Credit: ILO |
An economic and financial crisis has engulfed the world. Banks have collapsed, stock prices have slumped and there has been an unprecedented decline in economic activity. The crisis began in 2007, in the wake of financial and real estate speculation in the United States, but it came after a long period of international financial instability, trade imbalances and several local or regional crises. By late 2008, the crisis had spread to many countries. Governments responded with massive emergency measures, but the crisis continued to spread and large numbers of workers have been laid off all over the world. Many see the crisis as an opportunity for renewed regulation and democratic re-structuring of the global economy. But solutions are complicated by the depth of the crisis, by the lack of strong global institutions, and by overlapping crises in the environment, natural resources and global trade.
Earlier Instabilities
This page posts information on earlier signs of instability in the build up to the crisis, including information on US trade and budget deficit, corporate malfeasance and global imbalances.
General Analysis on the World Economic Crisis
This page collects analysis and comments on the causes, characteristics and consequences of the world economic crisis.
Strategies that Minimize the Impact of the Crisis
This page collects articles and documents on countries that have managed to minimize the global crisis through policies and strategies - both in place and developed in response.
Policy Reform Initiatives
This page follows the restructure of the global financial architecture, including information on UN Financing for Development and proposals from the G20.
