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In this chapter, we shall take a detailed look at what appears to be an increasing vulnerability of world economies to financial booms, busts, and panics, with emphasis on the financial meltdown of 2007–2009. However, in approaching this, it is important to keep in mind that there is nothing new per se about financial panics, for they have been part of economic life for as long as Society has been aware of the usefulness of money as a store of value. The one thing that every financial panic in history has shared is that there is a “tipping” of confidence into uncertainty that leads to a rush for the liquidity of money.
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- Booms, Busts, and Financial Panics: The Financial Meltdown of 2007–2009
Lester D. Taylor
- Springer US
- Chapter 16
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