The aftermath of a typical deep financial crisis is something completely different.

Carmen Reinhart and I proposed this moniker in our 2009 book This Time is Different, based on our diagnosis of the crisis as a typical deep financial crisis, not a typical deep recession.

In Europe, the global financial crisis of 2008 left a legacy of deep political and economic crisis in the weaker economies of Southern Europe.

Instead, the crisis demonstrated the deep divisions within Europe on everything from financial regulation to the requisite policy response.

It will take real effort and creativity to repair the deep cracks in globalization revealed by the financial crisis.

PALO ALTO One of the worst responses by officials to the financial crisis and deep recession has been to revive industrial policy.

In deep financial crisis, traditionally social democratic Denmark elected a conservative prime minister, Poul Schlüter, a jovial man with a bow tie.

Innovation Crisis or Financial Crisis?

The deep cross border links between financial institutions and the activity of globally active investment banks only took a brief hit from the crisis.

These are very interesting ideas, but the evidence still seems overwhelming that the drag on the global economy mainly reflects the aftermath of a deep systemic financial crisis, not a long term secular innovation crisis.

In Europe, the global financial crisis of 2008 left a legacy of deep political and economic crisis in the weaker economies of Southern Europe. This crisis absorbed almost all of the European Union s political attention this summer, even as famine in Africa has worsened.

Others, however, have noted that Estonia pursued strict austerity in the wake of the crisis, avoided a financial crisis, and is now growing again vigorously, whereas Greece, which delayed its fiscal adjustment for too long, experienced a deep crisis and remains mired in recession.

The Other Financial Crisis

Financial Crisis and War

A global financial crisis.

A deep crisis in any member country is likely to become contagious.

Is Europe s Financial Crisis Over?

This pattern was evident in the 1997 1998 Asian financial crisis, the 2008 global financial crisis, and the eurozone crisis that erupted in 2010.

The political crisis that has rocked Haiti has deep roots in Haitian society.

Instead, it is the financial crisis.

China and the Global Financial Crisis

How India Survived the Financial Crisis

The Financial Crisis One Year After

The Perverse Politics of Financial Crisis

The Roots of America s Financial Crisis

This downturn is complex an economic crisis combined with a financial crisis.

It is a weakened democracy mired in an economic and social crisis so deep that it verges on becoming an identity crisis.

My greatest concern is that today s financial crisis evolves into tomorrow s human crisis.

The Secret History of the Financial Crisis

The financial crisis may slow this trend.

The global financial crisis complicates matters further.

The Fallen Heroes of the Financial Crisis

The Geopolitical Consequences of the Financial Crisis

The dollar would plummet. There would be financial distress and a deep recession.

Two of the three Baltic countries and Greece are in deep financial distress.

As Carmen Reinhart and I warned in our 2009 book on the 800 year history of financial crises (with the ironic title This Time is Different ), slow, protracted recovery with sustained high unemployment is the norm in the aftermath of a deep financial crisis.

The deepening financial crisis weakens their position further.

After the financial crisis, we have become wiser.

The financial and economic crisis is morphing into a sovereign debt crisis in advanced countries.

The last 15 years have of course revealed deep flaws in Japan s financial system.

In short, the crisis has produced a deep delegitimization of Greece s democratic politicians and their supposed achievements.

Deep and widespread misery and an acute environmental crisis put the country socially and ecologically at risk.

Examining previous deep financial crises, there was every reason to be concerned that the employment decline would be catastrophically deep and the recovery extraordinarily slow.

In a little more than a year, the Asian financial crisis became a global financial crisis, with the crash of Russia s ruble and Brazil s real.

Rising energy and commodity prices helped create the global food crisis, which fed the financial crisis.