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Chasing the Dragon: Will India Catch Up with China? by Mohan;Singh Guruswamy, Zorawar Daulet

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8

The Post-Crisis Challenge

In the last quarter of 2008, the global economy began to experience a massive economic crisis. The crisis had its immediate origins in the US financial system, which after a half-decade of excessive leverage finally came to the fore with the sub-prime crisis of August 2007. A year later it had convulsed the entire global economic system, with almost every major economy in the OECD group facing an economic recession. Alan Greenspan, former chairman of the US Federal Reserve, has described the current financial crisis as ‘probably a once-in-a-century event’.

The current crisis is entirely one of American origin and a consequence of the prolonged mismanagement and under-management of both, the US economy and its financial ...

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