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Overview of Global Financial Crisis & Vietnam's Measures-taking

Overview of Global Financial Crisis & Vietnam's Measures-taking

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Published by trolai

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Published by: trolai on Dec 05, 2008
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05/09/2014

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An Overview of theAn Overview of theGlobal FinancialGlobal FinancialCrisisCrisis
Presented by Ta Quang Ngoc,Presented by Ta Quang Ngoc,Ph.D, M.A., and B.A., inPh.D, M.A., and B.A., inCommunications and Socio-Communications and Socio-economic Researcheseconomic Researches
 
 
Professor Paul Krugman, the author of New Free TradeProfessor Paul Krugman, the author of New Free Trade Theory, awarded the Nobel Economics Prize by the Royal Theory, awarded the Nobel Economics Prize by the RoyalSwedish Academy of Sciences, said that free trade is notSwedish Academy of Sciences, said that free trade is notalways a good policy for nations.always a good policy for nations.He sharply criticised the US economic policies underHe sharply criticised the US economic policies underpresident G.W. Bushpresident G.W. BushIn 2005, he predicted the property crisis in the US andIn 2005, he predicted the property crisis in the US andbelieved the US economic crisis could still last until 2010.believed the US economic crisis could still last until 2010. The US and the whole world are facing the worst ever The US and the whole world are facing the worst everfinancial crisis which can compare with the Greatfinancial crisis which can compare with the GreatDepression in 1923-1929 which former FED chairman AlanDepression in 1923-1929 which former FED chairman AlanGreenspan rated as one that could happen only once in aGreenspan rated as one that could happen only once in acentury. Since its foundation as the USA, the country hascentury. Since its foundation as the USA, the country hasexperienced many recessions with the first in 1819, then inexperienced many recessions with the first in 1819, then in1832, 1857, 1883, 1893, 1907 and 1920.1832, 1857, 1883, 1893, 1907 and 1920.In October 1929 the Wall Street collapsed and rocketed theIn October 1929 the Wall Street collapsed and rocketed theUS and many other countries’ economies.US and many other countries’ economies.
 
 
Now the world’s witnessing the worst ever economic crisisNow the world’s witnessing the worst ever economic crisishappening in most powerful country where many economichappening in most powerful country where many economictheories were born and many economists were awarded the Nobeltheories were born and many economists were awarded the NobelEconomic Prizes.Economic Prizes. This forces people to reconsider basic economic theories relating This forces people to reconsider basic economic theories relatingto free trade in which perhaps the most important relationshipto free trade in which perhaps the most important relationshipbetween the self-regulating rule of the market and the regulatingbetween the self-regulating rule of the market and the regulatingrole of governments. The following are two examples of marketrole of governments. The following are two examples of marketself-regulating trends.self-regulating trends.When the 1929 recession occurred US Secretary of the TreasuryWhen the 1929 recession occurred US Secretary of the TreasuryAndrew Mellon asked the president to let enterprises do businessAndrew Mellon asked the president to let enterprises do businessat a loss and go bankrupt during the recession cycle and theat a loss and go bankrupt during the recession cycle and theeconomy would become healthy.economy would become healthy.In the 1980s, US president Ronald Reagan and UK PM MargaretIn the 1980s, US president Ronald Reagan and UK PM Margaret Thatcher encouraged the free trade theory in the two powerful Thatcher encouraged the free trade theory in the two powerfuleconomies, pursuing the policy of weak government, strongeconomies, pursuing the policy of weak government, strongmarket.’market.’

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