At the same time, the global crisis has shown that the global economy as an entity is more important than ever. The global crisis has taken a devastating toll on global growth and welfare.
In their painstakingly researched book, “This Time is Different: Eight Centuries of Financial Folly”, Kenneth Rogoff and Carmen Reinhart show how over eight hundred years, all financial crises can be traced to the same fundamental causes as if we learnt nothing from one crisis to the next.