Encyclopaedia of World Economic Crisis

In 2008, a recession throughout the industrialized world was suggested by several important indicators of economic downturn. Contributors to this downturn included high oil prices, high food prices and a substantial credit crisis leading to the bankruptcy of large and well established investment banks as well as commercial banks in many nations around the world. It was argued that huge increases in commodity prices came as a consequence of extended period of easily available credit and the primary cause of the downturn was exceptionally financial. This crisis has led to increased unemployment, and other signs of contemporaneous economic downturns in major economies of the world. In December 2008, the NBER declared that the United States had been in recession since December 2007, and several economists expressed their concern that there is no end in sight for the downturn. The book is an asset for all scholars, researchers, teachers, students and ofcourse, the general readers.