As the world enjoyed the prosperity of an unparalleled boom, an economic earthquake was looming, and then struck abruptly. Bastions of finance collapsed, long-standing policy beliefs were abandoned, and governments charged into the rubble without time to watch their steps. But for those who were looking, the faultlines that ran beneath the boom had been apparent for years. In The Great Crash of 2008, Ross Garnaut and David Llewellyn-Smith take us through the imbalances that led to the global financial crisis, tracing the cracks that were appearing within the modern economy and presenting a whole-world view of reasons for the downturn. They assess the implications of the global financial crisis and offer hope for finding order in the wreckage, in restoring development and building a stronger and more sustainable world.
Ross Garnaut is Vice-Chancellor's Fellow and Professorial Fellow in Economics at the University of Melbourne, Distinguished Professor of Economics at the Australian National University and Chairman of the International Food Policy Research Institute in Washington DC. He has chaired the boards of large public companies continuously for ore than twenty years, was the principal economic adviser to Australian Prime Minister Bob Hawke during the financial deregulation of the 1980s, and has been an Australian Ambassador to China. David Llewellyn-Smith co-founded The Diplomat, Australia's pre-eminent international relations, economics and business magazine, and acted as Publisher until 2008. He runs a consultancy specialising in media business and communications strategy in Melbourne.