After the Fall

The global financial meltdown is as surprising and unprecedented as the 9/11 attacks. Beyond that, the two calamities are very different; the financial crash will undoubtedly have broader consequences, hurting more people in more countries. Yet, 9/11 and its aftermath continue to offer a case study...

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Bibliographic Details
Published in:Foreign policy 2008-11, Vol.169 (169), p.96-97
Main Author: Naim, Moises
Format: Magazinearticle
Language:English
Subjects:
Bailouts
Capitalism
Comparative analysis
Crises
Economic crisis
Finance
Financial crisis
Global economy
Government policy
Institutions
International finance
Law
Management of crises
National security
Regulation of financial institutions
September 11
Terrorism
U.S.A
United States of America
Workforce planning
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Summary:The global financial meltdown is as surprising and unprecedented as the 9/11 attacks. Beyond that, the two calamities are very different; the financial crash will undoubtedly have broader consequences, hurting more people in more countries. Yet, 9/11 and its aftermath continue to offer a case study in some pitfalls to avoid when catastrophe hits. Perhaps the most important lesson from 9/11 is that the US reaction to the attacks had more profound consequences than the attacks themselves. Another lesson of 9/11 is that the US will need all the help it can get from other countries to manage the crisis. Inevitably, the financial crisis will be seen as yet another sign that America in decline. Yes, this financial crisis will deeply transform the global economy and will have deeper and longer-lasting consequences than 9/11. But it neither marks the end of capitalism nor the beginning of America's demise.
ISSN:0015-7228
1945-2276