Coping with Financial Market Crisis UNCTAD Policy Briefs

Recent UNCTAD policy briefs discuss the reasons behind the crisis and options before policymakers. They make a case for stronger regulation of the financial system and the need to avert deflation through government intervention. The need for global co-operation and regulation of trade and finance are also highlighted. UNCTAD_PB_1 (Download the full text in PDF format)

Argentina Since Default: The IMF and the depression Alan B. Cibils, Mark Weisbrot and Debayani Kar

More than eight months since the economic crisis has passed and Argentina's economy continues to decline, with the recession now having lasted more than four years. This paper looks at Argentina's crisis since the default in an attempt to find a way out of the Depression. argentina_default (Download the full text in PDF format)

The Reason to Cry for Argentina Anthony Faiola

Word spread fast through the vast urban slums ringing Rosario. There was food on the freeway - and it was still alive. A cattle truck had overturned near this industrial city, spilling 22 head of prime Angus beef across the windswept highway. Some were dead. Most were injured. A few were fine. A mob moved out from Las Flores, a shantytown of trash heaps and metal shacks boiling over with refugees from the financial collapse of what was once Latin America's wealthiest nation. Within minutes, 600 hungry residents arrived on the scene, wielding machetes and carving knives. Suddenly, according to…

Why Argentina Crashed, and is Crashing Eric Hershberg

The catastrophic collapse of the Argentine economy during the second half of 2001, and its accelerating decline during the first half of 2002, has created hardships of a scale and scope that fully justify concluding that the country is undergoing a "Second Great Depression." On the heels of four years of recession Argentina's default on its $140 billion national debt triggered an economic contraction of more than 15% during the first six months of 2002. Unemployment has skyrocketed to encompass a quarter of working age Argentines, and the poverty rate in what was once Latin America's most prosperous republic has…

Why Argentina Crashed, and is Crashing Eric Hershberg [Social Science Research Council]

The catastrophic collapse of the Argentine economy during the second half of 2001, and its accelerating decline during the first half of 2002, has created hardships of a scale and scope that fully justify concluding that the country is undergoing a "Second Great Depression." On the heels of four years of recession Argentina's default on its $140 billion national debt triggered an economic contraction of more than 15% during the first six months of 2002. Unemployment has skyrocketed to encompass a quarter of working age Argentines, and the poverty rate in what was once Latin America's most prosperous republic has…

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