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The Great Recession and France - Coursework Example

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"The Great Recession and France" paper states that the political turmoil that has occurred in France, however, has outpaced that in the USA, Germany, and the UK, a strong indicator of the unique political situation there. A strong president, however, continues to dictate change…
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The Great Recession and France
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Download file to see previous pages Some countries have pushed for an international consensus on issues of concern to all. France, which has suffered severely from the crisis, with an economic contraction and rising unemployment, has tried stand in opposition to the UK and the United States both of which believe minor financial regulations can alter and improve the situation—France would like to see more wide-ranging reforms accomplished through the increased unification of Europe. Efforts to deal with the crisis have led the French government to seek out more partners in Europe and try to push Europe wide reforms and a sort of European (as opposed to American) new capitalism. The government of Sarkozy has criticized British tax cuts and suggested the key to getting out of the crisis is increased integration and spending. Nevertheless, Sarkozy's policies have led to massive street protests in France and widespread instability.1 As of August 2009, however, France posted a minor but significant amount of economic growth, suggesting that some of the president's policies might be working.

A global recession took place in the late 2000s, resulting in a big drop in international trade, rising unemployment, and falling commodity prices. Many economists believe the crisis began because of a big asset boom in the United States. Banks and other lenders gave away many loans at very low-interest rates to people who simply could not afford to pay back the money. In the beginning, this led to a huge boom in housing prices because there were so many buyers in the housing market and there was high demand and somewhat low supply. However, eventually what happened was that people began to default on their mortgage payments. During the boom years, many complicated financial products involving mortgages were bought and sold by banks and it was difficult to know how many of these "toxic mortgages" were actually on a bank's balance sheet. As the number of defaults and foreclosures increased people began to become very nervous as they had trouble determining the value of bank stocks and how many bad mortgages they held.  ...Download file to see next pagesRead More
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