EXECUTIVE SUMMERY
This is a study of the ongoing financial crisis which currently envelops the advanced capitalist countries of the U.S.A, the European Union, Japan and Russia, in addition to the emerging countries of China, India, Mexico, Brazil, South Africa, and other developing countries, including Arab States, especially the Arab Gulf ones.
The paper aims at a study of the crisis, its nature, extent, causes, fallouts, consequences, and what could be done to mitigate it, and possibly stop it, and cure the affected economies. Previous financial crises, during the preceding four decades, Throughout The World will be Surveyed and analyzed, while concentrating on the current one (2007-2008), emphasizing its turnover into an economic crisis, as manifested in negative economic growth , mounting unemployment and depression , involving most of world economies , the study will concentrate on economic and financial globalization , regularotary laxity , and moral hazard , as fundamental reasons leading to the decline that hit financial markets and institutions and , in the end financial systems creating thereby the worst and severest financial crisis in the history of modern capitalism whose stability and continuity are now under duress. |