Essay : Explain how a variety of actors and processes coalescing within the United States facilitated a financial contagion that eventually spread across the globe.

Your paper must engage how the themes expressed in Crisis Economics relate to the larger debates on financial globalization. The themes you will emphasize and examine will not only require a persuasive introduction defending your emphasis on a particular theme(s) but research outside the seminar readings to facilitate your thesis.

Please answer the following:

Explain how a variety of actors and processes (both domestic and global) coalescing within the United States facilitated a financial contagion that eventually spread across the globe. Also, are such processes endemic to capitalism to the extent that Marxists rightly predict capitalism\’s implosion? Can Austrian (Hayekian) or Keynesian prescriptions help mollify structural deficiencies of capitalism? If yes, chose either Austrian or Keynesian school to support your argument.

To help frame your thesis please consider the following:

What is the larger debate that is being addressed by Roubini’s book? Is this time different?
What are alternative views? With whom does the author agree and disagree?
What is your personal view on the better side of the debate?

Grading Criteria:

Is your research question answered?
Is there a argument presented in the first 10 lines and defended throughout the essay?
Clarity, organization, structure (good outline, good transitions).
Integration of class material, facts, and readings to back up the argument.

SAMPLE SOLUTION

‘Crisis Economics’ Debate

Introduction By the time the spring of 2007 was approaching, it had become clear to various pundits that the housing bubble had ruptured, and it was expected that delinquencies on the United States mortgages particularly subprime were destined for expansion in a significant way. By that time, however, few pundits were aware that this would become a significant threat to the United States’ economy. It was also barely recognized that the financial crisis would not be experienced in the United States alone but would spread intensely to other countries including the United Kingdom, continental Europe, and far away. One man who raised an alarm about the 2008 financial crisis was Nouriel Roubini and consequently, he was branded “Dr. Doom” for predicting dark days ahead. In his book together with Stephen…