Presentacion CM Daniel Chirot
- 1. Industrial Cycles, the Current Crisis of Capitalism, and Adapting to the Future March 13, 2012 Tecnológico de Monterrey Campus Querétaro
- 2. The Causes of the 2008 Panic and Subsequent Economic Crisis Washington Mutual, many financial institutions chasing after greater profits and taking bigger risks with housing loans. Variable interest to NINJA loans. The bubble and the largest bank failure in American history.
- 3. 10% of all US business profits in 1980, 40% by early 2000s from financial industry. Mortgage backed securities, complex derivatives, dishonest ratings agencies (Moody, S&P), Fannie and Freddie.
- 4. Cascading effects of burst bubble, loss of confidence, Lehman and liquidity crisis. Crash in 2008, world depression narrowly averted by US actions. But there are deeper causes.
- 5. Industrial Cycles Dates of Leading Dominant Crisis cycles Products Areas Moments First: Textiles Great Revolu- 1780s- Britain tions from 1840s 1789-1848 Second: Railroads, Great Depression 1840s- iron Britain of the 1870s telegraph 1870s, labor strife
- 6. Dates Leading Dominant Crisis Products Areas Moments Third:1 Chemicals, Germany, Colonial 870s- steel, United race, 1910s electrical States military machines, arms race, research nationalism and World War I
- 7. Dates Leading Dominant Crisis Products Areas Moments Fourth:19 Autos, United Depression 20s- 1970s petro- States of 1930s, chemicals, World War home II, anti- electrical capitalism goods, of fascism airplanes, and com- services munism
- 8. Dates Leading Dominant Crisis Products Areas Moments Fifth: Electronics USA, West Commu- 1970s- and Europe, nism falls, 2010s computers, Japan, parts ethnic strife health care of East Asia resistance to modernity, crash - 2008
- 9. Dates Leading Dominant Crisis Products Areas Moments Sixth: Program China? China/US 2010s- organisms? India? as rivals? 2050s? nano-tech, Europe? Religious bio- tech? USA? wars? energy? Ecological Education / change / research? climate?
- 10. Gini coefficient of income inequality (1.0 = perfect inequality, 0 = perfect equality) Poorer Countries Emerging and Middle Range Countries Rich Countries
- 11. Poorer Countries Average = 51.1 Bolivia 59, Guatemala 55, Haiti 59, Kenya 43, Nigeria 44, Zambia 51, Mozambique 47
- 12. Emerging/Middle Range Countries Average = 47.9 Mexico 48, Argentina 46, Brazil 57, China 42, India 37, Malaysia 46, Russia 42, South Africa 65
- 13. Rich Countries Average = 32.7 USA 45, Canada 32, France 33, Sweden 23, Germany 27, United Kingdom 34, Netherlands 31, Japan 38, South Korea 31