Читать книгу Financial Cold War. A View of Sino-US Relations from the Financial Markets онлайн

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The ostensible causes of the GFC were the excesses that had been allowed to build up in the US subprime mortgage market. It was a story of greed, hubris, regulatory failures and policy missteps. However, casting a broader eye over the history of the build-up of these excesses, it becomes apparent that the origins of the GFC lay in structural imbalances that had built up in the global financial system over many decades. These are explored in more detail in ssss1.

The consequences of the GFC have been far-reaching and, whether we are conscious of them or not, they will continue to impact societies around the world economically, politically and diplomatically for a long time to come.

First, the direct financial impact of the crisis was devastating to a huge number of people. Livelihoods, security and community all suffered. Faith in a financial and social system that had promised stability and prosperity for decades was shattered. And we have yet to identify a system to replace it.

Second, although America had already done much to undermine the legitimacy of its global leadership through unilateralist and aggressive post-Cold War international policies, the GFC brought issues into much sharper focus. Other countries began to question the status quo of the global order and it became a spur to action. Reduced willingness to follow America's lead has complicated and slowed down the process of decision making on matters of global importance. The pursuit by other countries of alternatives to US-dominated international organisations has also generated diplomatic tensions.