Lessons from the Global Financial Crisis of 2008

Abstract

This is a revised version of a lecture presented at Seoul National

University on October 27, 2009. The author is indebted to Jill

Blackford and Eamon Kircher-Allen for preparing the lecture for

publication. The author is University Professor at Columbia University,

Chair of the Management Board and Director of Graduate

Summer Programs at the Brooks World Poverty Institute at

Manchester University, and co-president of the Initiative for Policy

Dialogue. This lecture is based on research supported in part by

the Ford and Hewlett Foundations. A fuller articulation of many of

these ideas (and references to the research on which they are based)

is contained in Freefall: America, Free Markets, and the Sinking of

the Global Economy, New York: WW Norton, 2009.