Thomas Palley, economist, author, and founder of Economics for
Democratic and Open Societies;
George Selgin, BB&T Professor of Economics, West Virginia University
The Financial Meltdown
What policies are necessary to deal with the near-collapse of the United States financial system and prevent similar crises in the future?
Co-sponsored by Department of Economics, Policy Studies and Department of American Studies.
In late 2008, the world witnessed the collapse of markets and large financial institutions as a severe crisis in the global economy commenced. Termed “a financial crisis unmatched since the Great Depression,” its effects have reached every corner of the world. The continuous decline of value in markets, accompanied by the global recession, has called into question the free market economic policies that have governed the global economy for decades.
Governments across the world intervened and authorized rescue packages, including bailouts for their markets in order to mitigate the effects of the crisis. The reasons for the global crisis are indefinite; however, an impetus was the subprime mortgage crisis that led to the near-collapse of the United States economy.
About the Speakers
Thomas Palley is an economist, author and the founder of Economics for Democratic and Open Societies, a project to stimulate public discussion about what kinds of economic arrangements and conditions are needed to promote democracy and open society. He has been published in numerous academic journals, and written for The Atlantic Monthly, American Prospect and Nation magazines.
George Selgin is BB&T professor of economics at West Virginia University. He specializes in monetary and banking theory, and history. Besides his many contributions to academic journals, he is the author of several books, including Good Money: Birmingham Button Makers, the Royal Mint, and the Beginnings of Modern Coinage (2009).