The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production, consumption, economic management, work in general, financial transactions and trade of goods and services. In some contexts, the two terms are distinct: the "international" or "global economy" is measured separately and distinguished from national economies, while the "world economy" is simply an aggregate of the separate countries' measurements. Beyond the minimum standard concerning value in production, use and exchange, the definitions, representations, models and valuations of the world economy vary widely. It is inseparable from the geography and ecology of planet Earth.
Paul Robert Ignatius is an American government official who served as Secretary of the Navy between 1967 and 1969 and was the Assistant Secretary of Defense during the Lyndon Johnson Administration.
Bethany Lee McLean is an American journalist and contributing editor for Vanity Fair magazine. She is known for her writing on the Enron scandal and the 2008 financial crisis. Previous assignments include editor-at-large, columnist for Fortune, and a contributor to Slate.
James Dale Davidson is an American private investor and investment writer, co-writer of the newsletter Strategic Investment, and co-author with William Rees-Mogg of Blood in the Streets: Investment Profits in a World Gone Mad (1987), The Great Reckoning (1991), and The Sovereign Individual (1997). He wrote The Plague of the Black Debt - How to Survive the Coming Depression in 1993 in which he predicted that as part of a "deep depression...Clinton is going to be a one-term president...I am as sure of this as I am that the sun will rise tomorrow" and that the US national debt would increase by a trillion dollars during Clinton's "one-term" presidency. He further wrote in the book that Boris Yeltsin, President of the Russian Federation, would lose his job and that Russia will come under the control of a nationalist, militarist regime. He has been credited with predicting the U.S. subprime mortgage crisis, though much earlier than it actually occurred.
Bret Louis Stephens is an American conservative journalist, editor, and columnist. He has been an opinion columnist for The New York Times and a senior contributor to NBC News since 2017. Since 2021, he has been the inaugural editor-in-chief of SAPIR: A Journal of Jewish Conversations.
The Chinese Century is a neologism suggesting that the 21st century may be geoeconomically or geopolitically dominated by the People's Republic of China, similar to how the "American Century" refers to the 20th century and the "British Centuries" to the 18th and 19th, same in the 17-18th centuries dominated by France and the 15-16th centuries dominated by Spain. The phrase is used particularly in association with the prediction that the economy of China may overtake the economy of the United States to be the largest in the world. A similar term is China's rise or rise of China.
The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger is a non-fiction book by Marc Levinson charting the historic rise of the intermodal container and how it changed the economic landscape of the global economy. The New York Times called it "a smart, engaging book".
The American subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 2007–2008 global financial crisis. The crisis led to a severe economic recession, with millions losing their jobs and many businesses going bankrupt. The U.S. government intervened with a series of measures to stabilize the financial system, including the Troubled Asset Relief Program (TARP) and the American Recovery and Reinvestment Act (ARRA).
The shadow banking system is a term for the collection of non-bank financial intermediaries (NBFIs) that legally provide services similar to traditional commercial banks but outside normal banking regulations. Examples of NBFIs include hedge funds, insurance firms, pawn shops, cashier's check issuers, check cashing locations, payday lending, currency exchanges, and microloan organizations. The phrase "shadow banking" is regarded by some as pejorative, and the term "market-based finance" has been proposed as an alternative.
The Great Recession was a period of marked general decline observed in national economies globally, i.e. a recession, that occurred in the late 2000s. The scale and timing of the recession varied from country to country. At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression. One result was a serious disruption of normal international relations.
This article provides background information regarding the subprime mortgage crisis. It discusses subprime lending, foreclosures, risk types, and mechanisms through which various entities involved were affected by the crisis.
Credit rating agencies and the subprime crisis is the impact of credit rating agencies (CRAs) in the American subprime mortgage crisis of 2007–2008 that led to the financial crisis of 2007–2008.
David M. Smick, Sr. is an American global macroeconomic strategist, magazine publisher, best-selling author, and documentary filmmaker. He is the chairman and CEO of Johnson Smick International, a global strategic advisory firm in Washington, D.C. where he is in partnership with former Federal Reserve Vice Chairman Manuel H. Johnson. The firm provides strategic advice to some of the world's most successful investors. Smick is a registered independent.
Government policies and the subprime mortgage crisis covers the United States government policies and its impact on the subprime mortgage crisis of 2007-2009. The U.S. subprime mortgage crisis was a set of events and conditions that led to the 2007–2008 financial crisis and subsequent recession. It was characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages. Several major financial institutions collapsed in September 2008, with significant disruption in the flow of credit to businesses and consumers and the onset of a severe global recession.
Peter J. Wallison is an American lawyer and the Arthur F. Burns Fellow in Financial Policy Studies at the American Enterprise Institute. He specializes in financial markets deregulation. He was White House Counsel during the Tower Commission's inquiry into the Iran Contra Affair. He was a dissenting member of the 2010 Financial Crisis Inquiry Commission, frequent commentator in the mass media on the federal takeover of Fannie Mae and Freddie Mac and the financial crisis of 2007–2008 and wrote Hidden in Plain Sight (2015) about the crisis and its legacy.
While beginning in the United States, the Great Recession spread to Asia rapidly and has affected much of the region.
In the United States, the Great Recession was a severe financial crisis combined with a deep recession. While the recession officially lasted from December 2007 to June 2009, it took many years for the economy to recover to pre-crisis levels of employment and output. This slow recovery was due in part to households and financial institutions paying off debts accumulated in the years preceding the crisis along with restrained government spending following initial stimulus efforts. It followed the bursting of the housing bubble, the housing market correction and subprime mortgage crisis.
All the Devils Are Here: The Hidden History of the Financial Crisis is a nonfiction book by authors Bethany McLean and Joe Nocera about the 2008 financial crisis. It details how the financial crisis bubbled up from a volatile, and bipartisan, mixture of government meddling and laissez-faire. It concludes that the episode was not an accident, and that banks understood the big picture before the crisis happened but continued with bad practices nevertheless.
Daniel Alpert is an American investment banker, adjunct professor at Cornell Law School, commentator, author, and bubble blowing expert who believes the Fed should cut rates and purchase MBS to fix a housing asset bubble. He is a co-creator of the United States Private Sector Job Quality Index, an economic metric that measures of higher wage versus lower wage private sector jobs, and the author of The Age of Oversupply: Confronting the Greatest Challenge to the Global Economy. Alpert is a founding partner of Westwood Capital LLC, an investment firm based in New York, and an adviser to the Coalition for a Prosperous America. Alpert is a member of the World Economic Roundtable.
As Brave As You is a young adult novel by Jason Reynolds, published May 3, 2016 by Atheneum. The book describes two African-American brothers from Brooklyn who are sent to spend the summer with their grandfather in Virginia.
