 "global financial crisis")
It is now clear that financial crises are not discrete events but are linked phenomena that have been unleashed on the globe ever since the financial markets were liberalized during the Reagan-Thatcher era in the early 1980s.
To take just the three most prominent crashes, surplus capital that could not find profitable domestic outlets after the Japanese bubble burst in the late 1980s found its way as speculative capital into Southeast Asia, where it contributed to the Asian financial crisis in 1997-98. The Asian crisis, in turn, helped generate Wall Street’s implosion in 2008, owing to the Asian countries’ channeling the
