The world economy is expected to suffer from a negative growth for the full year in 2009, a phenomenon not seen since World War II. While the U.S. sub-prime mortgage disaster was blamed as the original instigator, it was noted that the "global imbalances" of the U.S. current account deficit is financed for many years in other countries, such as China was also the main culprit of the crisis. Politicians around the world recognized that the scope and scale of the financial crisis requires a coordinated global response. However, there were conflicting views on what steps should be taken to address the first global financial crisis of the 21st century. "Hide
by Laura Alfaro, Renee Kim Source: Harvard Business School 15 pages. Publication Date: April 7, 2009. Prod. #: 709057-PDF-ENG
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