The Crisis of No Crisis: The Post-Recession Blues

When the global economic crisis began nine months ago, we were told that this crisis was like no other and would destroy the global financial architecture, and perhaps capitalism itself. It was not uncommon to read about the end of globalization and the likelihood of worldwide political instability because of impending economic doom. Now, according to most of these same pundits, the worst is over and, while the global economy may not be getting better yet, it is at the very least getting worse more slowly.