The Components and Complexity of the Global Economic Crisis of 2006-2011

Abstract

In this short paper, it is mainly argued that the current global economic crisis (2006-2011) consists not only of the US financial crisis of 2006-2007 which has been globalized since fall 2008. The world economy has also been hit by the Eurozone sovereign debt crisis, rising energy prices, two successive food crises, increases in poverty and hunger, and severe ecological problems within a very short period of time since 2006. All of these components are closely linked to each other, so that they increase the complexity of the current crisis that is still persisting, although their relative contributions are continuously changing with the passing time.Global economy, "Great Recession", economic crisis, financial crisis, international contagion channels, US economy