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‘Both capitalism and dollar will survive economic crisis’

DNMUM398326 | 10/10/2017 | Author : Vivek Kaul | WC :529



Economists have put across various theories on the genesis of the current financial crisis. Some blame Alan Greenspan, former chairman of the US Federal Reserve, for running a regime of low interest rate for four years after the dotcom bubble burst. This encouraged Americans to borrow more than what they were in a position to repay, these economists maintain, with the benefit of hindsight, of course. Others aren’t as convinced that Greenspan alone was to blame, Richard Thaler, a professor of behavioural science and economics at the Booth School of Business (formerly the Graduate School of Business), University of Chicago, for one. “I don’t think the low interest rate regime itself was the cause. Americans lived beyond their means, both hou
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