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The world crisis: introduction

LSE IDEAS, London School of Economics and Political Science
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  • D901 Europe (General)
  • Hc Economic History And Conditions
  • Hn Social History And Conditions. Social Problems. Social Reform
  • Jz International Relations
  • Economics


Michael Cox The world crisis: introduction Report Original citation: Cox, Michael (2009) The world crisis: introduction. IDEAS reports - special reports, Kitchen, Nicholas (ed.) SR001. LSE IDEAS, London School of Economics and Political Science, London, UK. This version available at: Originally available from LSE IDEAS Available in LSE Research Online: May 2012 © 2009 The Author LSE has developed LSE Research Online so that users may access research output of the School. Copyright © and Moral Rights for the papers on this site are retained by the individual authors and/or other copyright owners. Users may download and/or print one copy of any article(s) in LSE Research Online to facilitate their private study or for non-commercial research. You may not engage in further distribution of the material or use it for any profit-making activities or any commercial gain. You may freely distribute the URL ( of the LSE Research Online website. 4 Introduction - The World Crisis In his latest book published right at the beginning of 2008, George So-ros observed that the world was “in the midst of the worst financial crisis since the 1930s”. At one level of course Soros was right. Indeed, as he went on to point out in almost excruciatingly painful detail, the financial crisis of which he spoke could be traced back to one single ‘tipping point’ month - August 2007 - when on the 6th American Home Mortgage filed for bankruptcy, followed on the 7th by the suspension of three investment funds run by the French Bank BNP Paribas, on the 10th and 13th when the European Central Bank pumped over 100 billion Euros into the banking system and money markets, and on the 17th when the Federal Reserve moved fast to cut the discount rate. Still, even the shrewd Soros (a former student of the LSE) could not have foreseen what followed. In fact, for one so often attacked for being t

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