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From recession to renewalThe impact of the financial crisis on public services and local government$
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Joanna Richardson

Print publication date: 2010

Print ISBN-13: 9781847427007

Published to University Press Scholarship Online: March 2012

DOI: 10.1332/policypress/9781847427007.001.0001

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date: 13 December 2017

The historical context of the global financial crisis: from Bretton Woods to the debacle of neoliberalism

The historical context of the global financial crisis: from Bretton Woods to the debacle of neoliberalism

Chapter:
(p.24) (p.25) Two The historical context of the global financial crisis: from Bretton Woods to the debacle of neoliberalism
Source:
From recession to renewal
Author(s):

George Lambie

Publisher:
Policy Press
DOI:10.1332/policypress/9781847427007.003.0002

The global financial crisis, which began in 2007 and was temporarily contained in 2009 by national-level government interventions, still holds deep and worrying implications for the future. This chapter examines the economic, political, and ideological processes that have led to the rise of globalisation driven by ‘market fundamentalism’. It considers how states have been compromised and offers options that may still remain for them to intervene so as to prevent systemic failure. The starting point for this analysis is the Bretton Woods conference of 1944, when the wartime Allies, led by the United States and Britain, met to establish a financially regulated order of nation-states that would contain the excesses of free capital movements. The discussion pays particular attention to the regulation and deregulation of finance since the Second World War.

Keywords:   globalisation, market fundamentalism, finance deregulation, Second World War, free capital movements, United States, Britain

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