The financial system of the United States and of the Western world had come to a pass which we had not seen in our professional lifetimes. We are confronting a series of difficulties which will not be overcome by ordinary processes of market adjustment in a very short period of time, nor by minor regulatory fixes and interventions.
The macroeconomic implications of this problem would become essentially the dominant economic issue within a reasonably short period of time. And we need new solutions.
This was the theme of the conference organized in November 2008 by Economists for Peace and Security, the Charles Leopold Mayer Foundation programme "Initiative for Re-thinking the Economy", and the Levy Economics Institute of Bard College.
Looking for solutions to the crisis
Introduction, James K. Galbraith (LBJ School, University of Texas at Austin)
1. Understanding the Financial Crisis
Joseph Stiglitz (Columbia University)
Marshall Auerback (RAB Capital Plc)
Pierre Calame (Charles Leopold Mayer Foundation)
Marcellus Andrews (Barnard College of Columbia University)
2. A new financial structure for the United States
Jack Blum (Baker and Hostetler)
Bill Black (University of Missouri-Kansas City)
Barkley Rosser (University of Wisconsin-Madison)
Gary Dymski (Uniiversity of California Center Sacramento)
3. A new international financial structure
Lord John Eatwell (Queen’s College)
Paul Davidson (Schwartz Center For Economic Policy Analysis)
Ping Chen (China Center of Economics Research)
Luiz carlos Bresser-Pereira (Getulio Vargas Foundation)
4. Conclusion, George Papandreou