Business and the World economy) Why did the global financial system meltdown in 2008?

Question: Why did the global financial system meltdown in 2008?

Purpose and learning outcomes

The paper is to provide an opportunity to research and write on a topic of interest from the menu of course themes; to develop students ability to digest and synthesise a range of materials and show an understanding of key concepts and discussion about the world economy. The paper is an opportunity to develop and practise generic skills and to acquire substantive knowledge of a particular topic.


Please aim for the following:

a? Write good clear English. (Good grammar and logical clarity go together). Write with a straightforward style and mature tone.

a? Answer the question; do not merely write about the topic in a general way.

a? Have a clear overall line of argument; made plain in the introduction or conclusion.

a? Give your paper a good logical structure giving the reader a clear idea of the substance of and purpose of each section a what it is it dealing with, and what it is trying to show.

a? Cover the bases and stick to the point. Deal with the important and relevant issues involved in answering the question. Avoid irrelevant considerations, waffle etc.

a? Argue (do not merely assert) your view; using both evidence and logical supporting arguments.

a? Show recognition of the key critical arguments that might be made against your view, and rebut them.

a? Use recommended references (though obviously you are not restricted to them). This is how to ensure you do the three preceding things. It shows you have engaged with the course materials (which is necessary), but also it is these materials that will in turn tell you what the question is actually about, what considerations are relevant to answering it, and what others might say, for or against your view.

a? Avoid flaky sources, of the kind you might pick up by just a?googlinga a topic; donat just wander online or into a library looking for sources in the general topic. Focus your readinga start with my suggested readings then pursue your own lines of inquiry (following the bibliography of good sources is a much better way to develop a reading list than a?blue skya internet or library searches).

Evaluation criteria

1. Ability to conduct independent guided research, to synthesise and analyse and assess evidence and argument from multiple sources

2. Ability to grasp key concepts and understand important and topical debates about the world economy.

3. Ability to construct a clear, well focussed, well written and logically sound account of the chosen topic.

4. Ability to argue a point of view whilst showing knowledge of and anticipating competing views.

Required Bibliography:

Varoufakis, Yanis (2011), The global Minotaur: America, the true origins of the financial crisis and the future of the world economy (London: Zed). Chapter 4 (also includes ch 5)

Eichengreen, Barry J. (2011), Exorbitant privilege the decline of the dollar and the future of the international monetary system chapter 5

Rodrik, Dani (2011), The globalization paradox: democracy and the future of the world economy 1st edn. (New York: W.W. Norton & Co.). chapter 5 and 6

Rajan, R. (2012). The True Lessons of the Recession (Vol. 91, pp. 69-79): Foreign Affairs.

Gowan, Peter (2008), Crisis in the Heartland, New Left Review, Vol. 2, No. 55

Rajan, R. (2011). Fault lines : how hidden fractures still threaten the world economy ([New ed.] / ed.). Princeton, N.J. ; Oxford: Princeton University Press.

Johnson, S., & Kwak, J. (2010). 13 bankers : the Wall Street takeover and the next financial meltdown (1st ed.). New York, NY: Pantheon Books.

Stiglitz, J. E. (2010). Freefall : free markets and the sinking of the global economy. London: Allen Lane.