ABSTRACT
Crises, depressions, and recessions are all manifestations of deficiencies of demand; but when accompanied by deflation as in the Great Depression, they are likely to be both more severe and more intractable. Keynes's explanation of the Great Depression was so persuasive that even rivals such as Lionel Robbins pronounced themselves convinced. Joseph Stiglitz was chief economist at the World Bank from 1997 to 2000 and offered some pungent criticisms of the behavior of the International Monetary Fund during the Southeast Asian crisis, leading to the termination of his appointment. If this was intended to intimidate him, it failed, he has continued to criticize both the theory and practice of neoliberalism. The link between the subprime crisis, a United States phenomenon, and the Eurozone crisis, may have been indirect. The seventeen members of the common currency block, the "Eurozone", had given up the right to print their own money or set their own interest rates.
