The Global Financial Crisis : New Awakening

by B. Mahapatra　 

(Address　of　Shri　B.　Mahapatra,　Executive　Director,　Reserve　Bank　of　India　at　the　Convocation　Ceremony　of　Chetana’s　Institute　of　Management　&　Research　on　January　21,　2012　at　Mumbai.)

The last few years have been very turbulent for the world economy and have shaken the foundation of some of the unquestioned beliefs of economic theories. The global financial crisis has called into question the ethical foundation of the financial world. Even as we grapple with these challenges, the world has seen revolutions in the Arab world to topple long standing despotic regimes. The Euro zone crisis with the unemployment and welfare cuts in some European countries has added to frustration of the people of Europe. 2011 will be particularly remembered as a year of revolution, the beginning of the end for an unsustainable global financial system based on greed, inequality, misdoings, and lack of leadership.

URL: http://rbidocs.rbi.org.in/rdocs/Speeches/PDFs/SCCS210112.pdf

Courtesy:RBI