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The Global Economic Crisis: Global Impacts and Global Responses

The Global Economic Crisis: Global Impacts and Global Responses


Abstract: Ranging beyond its subtitle this paper also covers the causes of the global crisis. While the proximate cause is traced to the subprime mortgage debacle in the USA, the remote causes range from excessively loose monetary policies in the USA and Europe through inadequate regulation of financial markets to global macroeconomic imbalances. The global impacts identified include a decline in economic growth, increasing vulnerability of the banking sector and financial markets, decline of equity markets, reduction in all categories of capital flows,
collapse of commodity prices, contraction of trade and rising unemployment. Being global the crisis is being responded to globally although national and regional responses are afoot. Three key issues are germane to the global response:
• Should the world economy be regulated or left to return to a self-correcting system?
• If it should be regulated, what weights of regulatory authority should rest with national and international institutions?
• Shouldn't Africa and other developing regions be treated as an integral part of the world economic system and empowered by the capital-rich countries to boost their economic growth which, in turn, will augur well for the economies of the North.

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