Is denial of the possibility of financial asset market failure responsible for an economic holocaust

Image of Royal Holloway School of Management working papers cover
Document type
Working Paper
Author(s)
McSweeney, Brendan
Publisher
Royal Holloway, University of London
Date of publication
1 February 2009
Series
School of Management Working Paper Series
Subject(s)
Trends: economic, social and technology trends affecting business
Collection
Business and management
Material type
Reports

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Throughout the world every economic and socio-economic indicator has deteriorated. The so-called ‘real economy’ has been deeply contaminated by the most significant global financial crisis for seven decades. The ultimate extent and duration of this rampant degeneration and its longer-term political effects are unpredictable. What caused the crisis? This paper examines a range of suppositions made in theories which deny the possibility of financial asset market failure and identifies ways in which they contributed to the circumstances and actions which created the current crisis.

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