@techreport{NBERw15404, title = "Causes of the Great Recession
of 2007-9: The Financial Crisis is the Symptom not the
Disease!", author = "Ravi Jagannathan and Mudit Kapoor and Ernst
Schaumburg", institution = "National Bureau of Economic
Research", type = "Working Paper", series = "Working Paper
Series", number = "15404", year = "2009", month = "October", doi
= {10.3386/w15404}, URL = "http://www.nber.org/papers/w15404",
abstract = {Globalization has made it possible for labor in
developing countries to augment labor in the developed world,
without having to relocate, in ways not thought possible only a
few decades ago. We argue that this large increase in the
developed world's effective labor supply, triggered by geo-
political events and technological innovations, coupled with the
inability of existing institutions in the US and developing
nations themselves to cope with this shock set the stage for the
great recession. The financial crisis in the US was but the
first acute symptom.}, }