Capitalism's global financial crisis: The role of the state
- Authors
- Choi, CJ[Choi, Chong Ju]; Berger, R[Berger, Ron]; Kim, JB[Kim, Jai Boem]
- Issue Date
- Dec-2010
- Publisher
- ELSEVIER SCIENCE BV
- Citation
- SOCIAL SCIENCE JOURNAL, v.47, no.4, pp.829 - 835
- Indexed
- SSCI
AHCI
SCOPUS
- Journal Title
- SOCIAL SCIENCE JOURNAL
- Volume
- 47
- Number
- 4
- Start Page
- 829
- End Page
- 835
- URI
- https://scholarworks.bwise.kr/skku/handle/2021.sw.skku/72805
- DOI
- 10.1016/j.soscij.2010.04.004
- ISSN
- 0362-3319
- Abstract
- The bankruptcy and merger of three major American investment banks: Bear Stearns, Lehmann Brothers and Merrill Lynch in 2008 have shocked the United States government to undertake dramatic market intervention by the state, and a $700 billion U.S. dollar bailout, that resembles "industrial policy" in many other countries. Critics of market intervention, often called industrial policy in many countries, point out to two potential weaknesses: governments may have less knowledge than markets on how to pick winners and industrial policy creates possibilities of corruption and rent seeking. This research note's contribution analyzes the global financial crisis of 2008 and 2009, through the importance of, institutional infrastructures, and how industrial policy can help create the institutional infrastructures that can expand economic wealth and stability for all countries in the 21st century. (C) 2010 Western Social Science Association. Published by Elsevier Inc. All rights reserved.
- Files in This Item
- There are no files associated with this item.
- Appears in
Collections - Business > Global Business Administration > 1. Journal Articles
Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.