Because of the crisis, in October 2009, Greece held early parliamentary elections thatbrought the Socialists to power.Political changes also occurred the Czech Republic, Latvia, Lithuania and a number of other states.
This important collection of essays brings together the main findings of ILO research since the start of the global financial and economic crisis in 2008.
With contributions from diverse research disciplines, the volume provides new perspectives on employment and income-led growth and the role of regulation, and makes policy recommendations for the future.
Moreover, today experts (Agarwal & Samanta, 2014) consider obvious that the economic measures of international monetary and financial regulation are almost completely exhausted, while the West has not developed any political agenda to prevent the global crisis.
In particular, the failure of regulatory role of institutions like the International Monetary Fund (IMF) and the World Bank causes great concerns, as well as the dependence of markets on the actions of the US Federal Reserve, which back in the 1990’s, in fact, turned intothe institute of influence on the global economy having no authority from the other actors in the world politics.
The global financial crisis, which started from the problems in the US mortgage market in 2007, consequently gradually spread throughout the world.
Sale of assets and withdrawal of funds from other countries by large US corporations led first to a lack of liquidity and credit resources in the financial markets, and then to the problems in the real economy.The European economy is emerging from its deepest recession since the 1930s.This volume, which brings together economic analysis from the European Commission services, explains how swift policy response avoided a financial meltdown; but turning the ongoing recovery into sustained growth requires action on five challenges: boosting potential output, enhancing labour market flexibility, preparing fiscal consolidation, facilitating intra-EU adjustment, and unwinding global imbalances.Thus, in November 2010 by-election to the US Congress brought success to Republicans striking the positions of the Democratic Party and the Obama administration.Democrats are did not lose the Senate, but kept minimal advantage over Republicans in it. In the meantime, social protest and indignation surge swept Germany, France, Italy and Greece; in the latter, for example, the main “sore spot” of Europe, the country’s GDP has not grownsince the first quarter of 2010 (Choi, 2013).However, judging by the events in the Arab world, there are signs that the economic and socio-political manifestations of the crisis are accompanied bycertain features of the international political destruction in the form of growing threats of new interventionism.However, the changes initiated by the crisis impact on the quality and content of modern democracy, revealing its limitations and lack of flexibility of the dominant political institutions.(Spencer Platt/Getty Images) The world in 2019 is still reckoning with the legacy of the global financial crisis, which is hardly surprising given its scale and lasting impact.Ten years on from the Lehman Brothers collapse, one question about the financial system keeps coming up: Are we safer than we were in 2008? While there has been marked progress, more needs to be done, including keeping pace with potential new risks from a rapidly evolving financial landscape. Banks have bigger and better capital buffers and more liquidity.Especially in light of the persistence of debt problems in the euro zone and the lack of specific solutions, as well as a marked slowdown of the US economy, which fuels the rumors that the Federal Reserve will have to take new measures to stimulate it (Stiglitz, 2010; Choi, 2013).However, the massive printing of money to save the demand, to support the economy and reduce unemployment postpones the problem, but no longer removes it: liquidity ceased to transform into economic growth.