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Unearthing the Roots of the Global Financial Crisis
The global financial crisis that began in 2007 in the United States has adversely impacted the entire world. The author argues that the main driver of the crisis is global trade and capital imbalances, which, he shows, have unfolded in almost textbook fashion. He warns that if we misunderstand the roots of the imbalances that led to the global financial crisis, it is unlikely that we will choose policies that enable us to work our way out of them.