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Israel And China Essay

1365 words - 6 pages

GLOBAL ECONOMIC DEVELOPMENTS
Leticia Scheinkman
Final Assignment

1.The first age of globalization came to an abrupt and painful end with the economic and financial crisis that engulfed the world starting in 1929. Is globalization again at risk as a result of our current global economic and financial crisis? What similarities between the two episodes suggest that globalization is again at risk? What differences suggest that it is not? What is your evaluation of the risks, at the moment, on balance? In Addition, READ the attached article: G20 Process- from the economist.
First of all it is important to understand the socio-economic, politic and geographic situation that both 1929 and ...view middle of the document...

Slowing activity thus led to deflation almost immediately. In contrast, inflation above target in mid-2008 has provided an initial cushion in the current crisis.
As mentioned above one of the factors which triggered off this depression was failure of stock markets on October 29, 1929, which led to loss of about 40 billion dollars to stakeholders. Though stock markets after that started to regain on the path of recovery, by end of 1930, but some other factors at work impelled America to do into deep recession.
During the period of 1930’s 9000 banks filed for bankruptcy. Bank deposits were not insured and thus as banks failed people lost their savings. The banks which survived in this turmoil, due to gloomy economic conditions and to survive in these conditions stopped creating new loans, which in turn led to slowdown in business activities and less expenditure.

Another important point on the 1929 crises was the trend of economic protectionism which became a fiscal and monetary policy in many countries including the US. Countries decided to charge high import tariffs on imports in order to protect its own factories and market, this led to deterioration in global trade leading to economic retaliation. Alghough few countries follow this process the same can’t be applied in general.
This process is not seen on the now a days crises and taking into account that the monetary system migrated from being anchored to gold, a commodity worldwide accessible, to the dollar, by an unbalanced treasures deficit and surplus system, it make sense to think that the globalization process is irreversible.
The current global crisis is perceived as the most severe financial crisis since the Great Depression, and the IMF now predicts that 2009 will have the deepest global downturn in the post-World War II era. However the response to the crises was much more coordinated now a day’s not just thankful to the globalization, economic integration and technology but also because leaders, like Germany, Japan, Russia, before hostile to the very notion of market capitalism, today are working together with the United States to cope with a common problem.
Liquidity and funding problems have also played a key role in the financial sector transmission in both episodes. Concerns about the net worth and solvency of financial intermediaries were at the root of both crises, although the specific mechanics differed given the financial system’s evolution. In the Great Depression, the problems arose from the erosion of the deposit base of US banks in the absence of deposit insurance. In four waves of bank runs, about one-third of all US banks failed between 1930 and 1933. The failure of the Austrian bank Creditanstalt, in 1931, set the scene for bank runs in other European countries.

In the current crisis, reassurance from deposit insurance has largely prevented bank runs by retail depositors. Instead, funding problems have arisen for financial intermediaries relying on...

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