The First History of Our Financial Crisis

Research output: Contribution to journalReviewResearchpeer-review

Abstract

Extract: Adam Tooze's Crashed is arguably the first historical narrative of the financial crisis. It is an ambitious account of the crisis and its global economic, financial, political, and geopolitical causes and implications. Crashed is organized chronologically in four parts—the “Gathering Storm,” “The Global Crisis,” “Eurozone,” and “Aftershocks”—and focuses more on the macrolevel structures, processes, and decisions than on the microlevel and the people suffering from the crisis. Except, that is, in aggregate numbers and a few empathic comments such as this: “As house prices fell, equity dwindled, and the hardest hit slid into negative equity. Families scrambled to slash spending and pay down credit card and other short-term debt. The result was a smothering recession in consumer demand”.
Original languageEnglish
JournalBusiness History Review
Volume19
Issue number1
Pages (from-to)161-171
Number of pages11
ISSN0007-6805
DOIs
Publication statusPublished - 2019

Cite this

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The First History of Our Financial Crisis. / Hansen, Per H.

In: Business History Review, Vol. 19, No. 1, 2019, p. 161-171.

Research output: Contribution to journalReviewResearchpeer-review

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AB - Extract: Adam Tooze's Crashed is arguably the first historical narrative of the financial crisis. It is an ambitious account of the crisis and its global economic, financial, political, and geopolitical causes and implications. Crashed is organized chronologically in four parts—the “Gathering Storm,” “The Global Crisis,” “Eurozone,” and “Aftershocks”—and focuses more on the macrolevel structures, processes, and decisions than on the microlevel and the people suffering from the crisis. Except, that is, in aggregate numbers and a few empathic comments such as this: “As house prices fell, equity dwindled, and the hardest hit slid into negative equity. Families scrambled to slash spending and pay down credit card and other short-term debt. The result was a smothering recession in consumer demand”.

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