The US is slowly recovering from the aftermath of the burst of the 'new economy' bubble - which was one of the worst in monetary history. In this updated edition, Philip Arestis and Elias Karakitsos examine the causes and consequences of the burst of the 'new economy' bubble and investigate the...

The initial introduction of the euro has, against many expectations, been accompanied by a decline in the value of the euro (notably vis-à-vis the dollar and sterling). It has also been introduced at a time of high levels of unemployment within most of the European Union (EU). This paper...

This paper contrasts the United States and European situations during the crisis and examines how much of the crisis has been imported by Europe from the US. The paper argues that Europe never had a chance to avoid contagion from the US. It also documents the relatively limited reaction of both...

Introduction -- Origins of the Great Recession -- The theoretical framework that underpins the origins of the Great Recession -- Too much liquidity : the source of the trouble -- Anaemic recovery : the US housing market and the consumer -- Anaemic recovery : the vicious circle of consumption and...