Policy Responses
Main article: National fiscal policy response to the Great Recession See also: 2008–09 Keynesian resurgenceThe financial phase of the crisis led to emergency interventions in many national financial systems. As the crisis developed into genuine recession in many major economies, economic stimulus meant to revive economic growth became the most common policy tool. After having implemented rescue plans for the banking system, major developed and emerging countries announced plans to relieve their economies. In particular, economic stimulus plans were announced in China, the United States, and the European Union. Bailouts of failing or threatened businesses were carried out or discussed in the USA, the EU, and India. In the final quarter of 2008, the financial crisis saw the G-20 group of major economies assume a new significance as a focus of economic and financial crisis management.
Read more about this topic: Late-2000s Recession
Famous quotes containing the words policy and/or responses:
“Will mankind never learn that policy is not morality,—that it never secures any moral right, but considers merely what is expedient? chooses the available candidate,—who is invariably the devil,—and what right have his constituents to be surprised, because the devil does not behave like an angel of light? What is wanted is men, not of policy, but of probity,—who recognize a higher law than the Constitution, or the decision of the majority.”
—Henry David Thoreau (1817–1862)
“Apathy is one of the characteristic responses of any living organism when it is subjected to stimuli too intense or too complicated to cope with. The cure for apathy is comprehension.”
—John Dos Passos (1896–1970)