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Annonce Goooogle
Salil Sarkar(Photo: Tony Cross)

Crisis has hit the world financial system, causing chaos on the stockmarkets and bringing fears of a world recession. As millions wonder if they will keep their jobs and homes, world leaders scramble to save what they can. The economic orthodoxy of the last two decades is now in question. Policy makers are calling for regulation and state intervention, which were taboo during the boom years. Economist John Maynard Keynes is back in fashion and French President Nicolas Sarkozy has even resorted to reading Karl Marx. RFI's Salil Sarkar looks at what's happening and asks where we go from here.

Former Federal Reserve Chairman Alan Greenspan(Photo: Federal Reserve)

The financial world turned upside down

International finance institutions are plunged into gloom and neoliberal guru Alan Greenspan admits that he may have been "partially wrong" in his hands-off approach to banks when he ran the US's Federal Reserve. So is the world heading for recession ... or, worse still, a 1930s-style depression?

2008-11-01 15:24 TU

British PM Gordon Brown and French President Nicolas Sarkozy meet in Versailles in October(Photo: Reuters)

What is being done?

Financiers and policymakers want to rebuild confidence in the financial system. The rest of us want to keep our jobs and homes. So what is being done to avoid, or at least alleviate, crisis?

2008-11-01 15:22 TU

US President George Bush and Federal Reserve chief Henry Paulson(Photo: Reuters)

What went wrong?

The worst financial crisis for 70 years has shattered the complacency of many economists, politicians and finance chiefs. Now the orthodoxy of the past two decades is being questioned. So why did it happen?

2008-11-01 15:21 TU

Scavenging on a rubbish dump in Lahore, Pakistan(Photo: Reuters)

Crisis will slow already uneven fight against poverty

The fight against poverty has been uneven, with big changes in parts of Asia but little change in sub-Saharan Africa. Soaring prices in 2008 have been a major setback and economic crisis threatens to make matters worse.

2008-11-01 15:26 TU


Children in a Philippines slum queue for free meals(Photo: Reuters)

Millions face starvation

Hunger and starvation are silent "mass murder", says the UN's food chief. At least 800 million people did not know where their next meal would come from before the crisis. Now it is going to get worse.

2008-11-01 15:20 TU

Paris's ringroad(Photo: AFP)

What about the ecological crisis?

Governments have rushed to put together rescue packages for banks and finance houses. But, with human activity contributing to climate change and destroying nature's checks and balances, what of the costs of ecological damage?

2008-11-01 15:21 TU


Economy

Goldman Sachs profits soar

2009-07-15 08:48 TU

World economy

Suicide, heart attacks and murder rise in recession, study shows

2009-07-08 06:15 TU

World economic crisis/G8

Worst is yet to come in economic crisis, says WTO chief Lamy

2009-07-07 14:38 TU

China/Hong Kong

Thousands protest on 12th handover anniversary

2009-07-01 13:33 TU

European Union

Economy and climate top agenda as Sweden takes EU helm

2009-07-02 09:30 TU

Europe - economy

European Car Production slumps

2009-06-19 13:09 TU

Germany

Thousands of jobs on the line as German retail giant goes bust

2009-06-09 15:25 TU

France/World economic crisis

Société Générale boss quits

2009-04-29 13:37 TU

US/World economic crisis

Obama sees signs of economic hope, Japan's exports slump

2009-03-25 11:16 TU

US/World economic crisis

Give us more power to seize bad lenders, say US Fed and Treasury

2009-03-24 16:21 TU

World economic crisis

Stocks surge but outlook grim, says WTO

2009-03-24 14:41 TU

US/World economic crisis

AIG executives to give back bonuses

2009-03-24 11:09 TU

China/US/Global economic crisis

Beijing will keep investing in US Treasury bonds

2009-03-23 13:38 TU

US/Global economic crisis

US unveils 500-billion dollar plan to create toxic-assets market

2009-03-23 12:16 TU

EU/World economic crisis

European leaders increase support for Eastern European countries and the IMF

2009-03-20 17:22 TU

UK/France/World economic crisis

French plan better than British, says UK minister Mandelson

2009-03-15 14:19 TU

World economic crisis

G20 meeting to announce funds for IMF but no stimulus

2009-03-14 13:23 TU

China

New stimulus package for China possible

2009-03-13 12:27 TU

Switzerland/EU

Swiss ease bank secrecy rules

2009-03-13 14:28 TU

World economic crisis

“Great Recession” in 2009, says IMF head

2009-03-10 11:05 TU

World economic crisis

Eight per cent unemployment in US, 12.5m people without work

2009-03-06 17:01 TU

Germany/World economic crisis

Opel rescue plan stalled, talks could go on for weeks

2009-03-06 19:13 TU

World economic crisis

Asia slumps, Europe holds up ahead of US job data

2009-03-06 10:48 TU

World financial crisis

Profits slump in Europe, Australian economy shrinks

2009-03-04 09:04 TU

US

Obama announces budget to transform America

2009-02-27 15:39 TU

US

Obama says US will emerge stronger from financial crisis

2009-02-27 15:38 TU

World financial crisis

Wall Street hits 12-year low, world markets follow

2009-02-24 14:32 TU

US/World financial crisis

Obama stimulus package passed, but Republicans oppose

2009-02-14 11:45 TU

US/World financial crisis

What's in the stimulus package?

2009-02-14 12:22 TU

World financial crisis

European output plummets, as US awaits final stimulus package vote

2009-02-12 16:03 TU

World financial crisis

Eight thousand jobs to go in Japan and record unemployment in Spain

2009-01-09 13:08 TU

Japan/World financial crisis

Fastest-ever output drop in November, more misery predicted

2008-12-29 10:48 TU

World financial crisis

Toyota announces first loss in decades

2008-12-22 12:22 TU

World financial crisis

Opec members cut oil production to combat price fall

2008-12-17 15:10 TU

World financial crisis

European, Japanese markets boosted by historic US interest rate cut

2008-12-17 11:31 TU

World financial crisis

US Congress considers auto industry bailout as unemployment soars

2008-12-06 12:31 TU

World financial crisis

Motor racing latest casualty, HSBC profits from property slump

2008-12-12 17:24 TU

World financial crisis

Eurozone officially enters recession

2008-12-12 17:25 TU

World financial crisis

Carmakers ask for state help amid grim job news

2008-12-03 10:53 TU

World financial crisis

World markets follow US plunge, EU considers huge spending boost

2008-12-02 11:45 TU

World financial crisis

Europe will not leave behind poor countries, says Sarkozy at aid conference

2008-11-29 15:53 TU

World financial crisis

French unemployment up, Arcelor to lay off 6,000 workers in Europe

2008-11-29 15:22 TU

World financial crisis

Europe introduces 200-billion stimulus package

2008-11-26 15:45 TU

World financial crisis

More government intervention with US Citigroup bailout and UK stimulus package

2008-11-24 12:51 TU

World financial crisis

French strategic fund to be worth 20 billion euros, Russia to give IMF 785 million

2008-11-20 12:24 TU

World financial crisis

Stocks dive, jobs cut

2008-11-20 12:16 TU

World financial crisis

Package for auto industry debated after 50,000 jobs cut by Citigroup

2008-11-18 14:25 TU

World financial crisis

Auto crisis deepens, stocks slide

2008-11-19 15:43 TU

World financial crisis

Japan enters recession, IMF calls for more funds

2008-11-18 17:53 TU

World financial crisis

G20 leaders agree action plan, new meeting next April

2008-11-16 16:53 TU

World financial crisis

Finance summit to discuss boosting world economy

2008-11-15 15:20 TU

World financial crisis

France reports growth as eurozone enters recession

2008-11-14 13:14 TU

World financial crisis

Global economies officially enter recession

2008-11-13 16:19 TU

World financial crisis

China announces 458 billion euro stimulus plan

2008-11-09 15:52 TU

World financial crisis

EU leaders say response just beginning

2008-11-08 13:05 TU

World financial crisis

Europe reforms finance as Asian banks cut interest rates

2008-11-07 13:26 TU

World economy

Bank of England, ECB cut interest rates

2008-11-06 15:33 TU

US

Obama choosing team, as economy takes new tumble

2008-11-06 15:14 TU

US presidential election

A symbol of change ... but can he deliver?

2008-11-06 10:05 TU

EU

Recession forecast for Europe

2008-11-03 16:15 TU

Financial crisis

IMF announces rescue plans for Ukraine and Hungary

2008-10-28 09:34 TU

International Monetary Fund

IMF chief cleared of abuse of power

2008-10-26 12:22 TU

World financial crisis

Asia-Europe united call for regulation

2008-10-28 16:11 TU

World economy

Oil prices down by half, despite Opec production cut

2008-10-24 12:18 TU

World financial crisis

Carmakers cut production and jobs

2008-10-24 12:08 TU

World financial crisis

World Markets tumble, Asians set up joint fund

2008-10-24 16:08 TU

France/World financial crisis

Sarkozy to create sovereign fund to bolster economy

2008-10-23 14:51 TU

World financial crisis

French confidence down, as world markets fall again

2008-10-23 10:44 TU

World financial crisis

New tax haven blacklist to be created

2008-10-25 12:05 TU

World financial crisis

Asian and European markets close up as financial injections continue

2008-10-20 18:02 TU

World financial crisis

Seoul announces bank guarantees, Icelanders demand bank chief quits

2008-10-19 13:41 TU

World financial crisis

US and European leaders agree to economy summits

2008-10-19 09:52 TU

France/World financial crisis

Sarkozy says world must change, ahead of Bush meeting

2008-10-18 13:53 TU

World financial crisis

French bank loses 600 million euros, as markets remain bumpy

2008-10-17 12:37 TU

World financial crisis

US to spend billions on buying into banks

2008-10-14 15:39 TU

World Financial Crisis

Markets rebound after European rescue packages announced

2008-10-14 13:28 TU

World financial crisis

France announces 360 billion euro bailout plan

2008-10-13 14:15 TU

World financial crisis

480 billion euro rescue for German banks

2008-10-13 12:11 TU

World financial crisis

Pan-European financial plan agreed in Paris

2008-10-13 11:55 TU

World financial crisis

Unity at Eurozone meeting in Paris?

2008-10-12 15:50 TU

World financial crisis

Eurozone leaders face choice: British or American?

2008-10-12 08:54 TU

World financial crisis

Europe reacts to financial crisis

2008-10-10 16:29 TU

World Financial Crisis

Market panic continues ahead of G7 crisis talks

2008-10-10 14:03 TU

World Financial Crisis

Markets rally on interest-rate cut

2008-10-09 14:22 TU

World economic crisis - interview

Impact on Africa will be limited, says Senegalese president

2008-10-08 10:53 TU

World financial crisis

UK to partially nationalise major banks as Asian stocks plunge

2008-10-08 16:17 TU

World financial crisis

EU struggles to unite to protect bank deposits

2008-10-07 16:09 TU

World financial crisis

EU ministers meet to take emergency action

2008-10-07 11:09 TU

World financial crisis

US stocks plunge as fears grip markets

2008-10-07 10:02 TU

World financial crisis

Fifty-billion-euro bailout for German bank

2008-12-12 14:48 TU

World Financial Crisis

House approves bailout plan

2008-10-04 08:31 TU

World Financial Crisis

Wells Fargo buys out Wachovia ahead of Congress bailout vote

2008-12-12 14:47 TU

World Financial Crisis

How will Europe react?

2008-10-02 13:13 TU

World Financial Crisis

US Senate approves bailout plan

2008-10-03 05:39 TU

World financial crisis

Markets rise in hope of US bailout vote

2008-10-01 15:35 TU

World financial crisis

France to help bail out Dexia

2008-09-30 13:29 TU

World financial crisis

Asian markets plunge after US bailout plan fails to pass

2008-09-30 06:37 TU

World financial crisis

Explainer - The US financial bailout plan

2008-09-29 14:41 TU

World financial crisis

Stocks continue to fall despite US bailout announcement

2008-09-29 15:48 TU

US/World financial crisis

Financial bailout close, claim lawmakers

2008-09-28 09:37 TU

US/World financial crisis

Bush promises bailout package "fast"

2008-09-26 14:33 TU

US/World financial crisis

Bush forecasts pain unless rescue plan adopted

2008-09-25 12:04 TU

World financial crisis

FBI launches investigation into failed financial giants

2008-09-24 15:23 TU

US/world financial crisis

Last American investment banks disappear

2008-09-22 16:17 TU

US/World economy

Finance bailout to be worth 700 billion dollars, blame game begins

2008-09-21 10:54 TU

World economy

The state rides to the rescue

2008-09-19 14:50 TU

World economy

Paulson pledges "hundreds of billions of dollars" for finance rescue plan

2008-09-19 15:54 TU

Listen

Focus on France 12 March 2009

France and EU to lower VAT on restaurants and small businesses

2009-03-12 16:52 TU

Focus on France 8 January 2009

Nicolas Sarkozy and Angela Merkel in Paris.(Photo: Reuters)

New rules to govern world financial systems

2009-01-08 18:23 TU

European economy special

European carmakers feel the crunch

2008-12-10 16:09 TU

Focus on France 25 October 2008

Sarkozy and Merkel(Photo: Reuters)

How France is handling the financial crisis

2008-10-25 12:41 TU

Focus on France 21 October 2008

(Photo: European Commission/Médiathèque)

Economic government for the EU?

2008-10-21 14:54 TU

Focus on France 15 October 2008

France's Prime Minister Francois Fillon (L) and Economy Minister Christine Lagarde consult during the National Assembly debate on teh bank rescue plan.(Photo: Reuters)

Will small businesses survive the crisis?

2008-10-15 16:01 TU

Focus on France 13 October 2008

Trichet, Sarkozy, Brown and Barroso(Credit: Reuters)

Hopes are rising in Eurozone

2008-10-13 13:48 TU

Focus on France 12 October 2008

Left to Right: European Central Bank President Jean-Claude Trichet, Gordon Brown, European Commission President Jose Manuel Barroso, Sarkozy and Eurogroup President Jean-Claude Juncker at a pre-summit meeting, 12 October(Photo: Reuters)

Eurozone to the rescue?

2008-10-12 15:49 TU

Focus on France 5 October 2008

EU leaders and finance officials meeting in paris this weekend(Photo: Reuters)

Financial crisis: are French consumers and analysts worried?

2008-10-06 15:04 TU

Focus on France 1 October

passbooks from Caisse d'Epargne(Photo: AFP)

Financial crisis hits Europe

2008-10-01 16:19 TU

Focus on France 30 September 2008

(Photo: Reuters)

France joins the nationalisation club

2008-10-01 15:59 TU

Focus on France 29 September 2008

Nicolas Sarkozy delivers a speech on the French economy in Toulon, 25 September 2008.(Photo: Reuters)

France is in debt, but the French aren't

2008-09-29 15:23 TU

Focus on France 26 September 2008

Nicolas Sarkozy, Toulon, 25 septembre 2008(Photo: Reuters)

State will underwrite financial system, says Sarkozy

2008-09-29 11:26 TU

Focus on France 25 September 2008

France's Finance Minister Christine Lagarde (R) and European Central Bank President Jean-Claude Trichet attend a news conference after a Euro zone finance ministers and central bankers Eurofi conference in Nice, southern France 13 September 13
 REUTERS/Pascal Deschamps (Photo: Reuters)

Can Europe's banks escape the financial crisis?

2008-09-29 11:27 TU

Focus on France 15 September 2008

A worker carries a box out of the U.S. investment bank Lehman Brothers offices in the Canary Wharf district of London(Photo: Reuters)

European banking and recession?

2008-09-16 16:04 TU

Focus on France 10 September 2008

(Photo: AFP)

Renault job cuts spark nationwide strike call

2008-09-11 14:49 TU

Focus on France 25 August 2008

A protest in Paris, 17 juin 2008.(Photo : Reuters)

Purchasing power: unions and government back to work

2008-08-26 12:14 TU