Whether Bernanke’s policy in 2008 was beneficial for the United States and the global financial system?
https://doi.org/10.22394/1726-1139-2023-3-112-120
Abstract
Bernanke’s policy, as today’s global inflation demonstrates, was not beneficial for the economy of the Unites States as well as for the global financial system in the long run. Yes, in 2008–2009 it “plugged holes”, but in the long run it only accelerated the global tendency of ruining the global financial system, and especially the financial system of USA. At the same time, previous two crises and their solution experiences clearly demonstrated that another policy was mode adequate in such situations. Those two solutions were more beneficial in the long run as they let USA “clear” its economy and launch its long-term powerful economic development.
About the Author
U. E. Mamytov
Academy of Public Administration under the President of the Kyrgyz Republic
Kyrgyzstan
Kyrgyzstan
Ulukman E. Mamytov, Lecturer of the Department of Economics and Management, Postgraduate
Bishkek
References
1. Mamytov U. How to get out of the economic crisis. U.S. Experience with Reconstruction Financing Corporation, 1933-45 // Al-Kelechek Economic Research Foundation (elkel.org), May 21, 2020 [Electronic source] . URL: https://elkel.org/articles/kak-vyiti-iz-krizisa (accessed: 12.09.2022) (in Rus).
2. Mamytov U. Liberalism — State Capitalism — Socialism. For those who want to better understand the economy. Bishkek, 2020 (in Rus).
3. Ahamed L. Lords of Finance: The Bankers who broke the World. New York : The Penguin Press, 2009.
4. Friedman M., Schwarz А. A Monetary History of the United States, 1867–1960. Princeton : Princeton University Press, 1963.
5. Jones J. Fifty Billion Dollars: My Thirteen Years with the RFC (1932–1945). New York, 1951.
6. Mukunda G. The Social and Political Costs of the Financial Crisis, 10 Years Later // Harvard Business Review. September 25, 2018.
Review
For citations:
Mamytov U.E. Whether Bernanke’s policy in 2008 was beneficial for the United States and the global financial system? Administrative Consulting. 2023;(3):112-120. (In Russ.) https://doi.org/10.22394/1726-1139-2023-3-112-120
Views:
448
Email this article 