[MUSIC]
So, why study the global financial crisis?
The first reason is that it's an important part of history,
by far the most important economic event since the 1930s and it is crucial for
understanding the world that followed.
For understanding the political dynamics in Europe, for what is happening in
the United States economically and with regards to inequality, for changes that
are happening in Asia and its relationship to the rest of the world, all of these
things have reverberations that are coming from the Global Financial Crisis.
A second reason is that a crisis like the Global Financial Crisis
could happen again, and if we're going to be prepared for
it happening again, we need to recognize what it is when we see it and
what the build up looks like before we get to it.
Third, because we would like to prevent it from happening again.
So yes, we could have another crisis.
We would need to know what to do in that crisis, but ideally we don't have it all,
but if we don't have it at all we may need to take actions in advance of the crisis
and people need to understand why such things happen and
why such actions may be necessary.