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Depression or Recession? Parallels with 1929
John Godfrey Morris can tell you a little about The Depression. He lived through it. An American photojournalist, Morris covered the landings in Normandy on D-Day for Time Life and followed the allied troops into Paris. He returned to the city in 1983 and is still there today, having been made a member of the French Legion of Honour. Now, at the sprightly age of 94, John shares his recollections of the Great Depression with INSEAD Knowledge.
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Are we really in a recovery?
It’s the infamous tug-of-war between Wall Street and Main Street: stock markets are recovering nicely and bondholders are being repaid, but unemployment lines are increasing and governments are finding their coffers falling deeper into the red because of lower tax revenues. Is this really a recovery? INSEAD professors weigh in.
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Irish unions seek a soft landing to harsh economic measures
Could a consolidated EU financial administration mean an end to draconian bailout repayment terms? Ireland’s Union leader thinks so…
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How to avert a financial crisis: why anticipation and management go a long way
Companies are overreacting to the economic downturn but, had they been better prepared in the first place, they wouldn’t find themselves in such a fix. This is according to Ludo Van der Heyden, INSEAD Professor of Technology and Operations Management.
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Marketing in a downturn: time to push the panic button?
In a crisis, consumers generally start to rein in their spending and save more – just in case. But how should companies then market their goods and services in a downturn?
In a new working paper by INSEAD professors 'Paddy' V Padmanabhan and Pushan Dutt called ‘When to push the panic button?’, the authors drill down on the impact of economic crises on consumer behaviour in different categories of products and services in developing, as well as developed countries.
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Can leadership withstand the ravages of the crisis?
The sudden collapse of Lehman Brothers and the fall of AIG have not just shaken the financial community to its core, which has sent reverberations worldwide, its leaders have also come under fire.
But there’s more to these highly-publicised institutional collapses than meets the eye, according to Subramanian Rangan, Associate Professor of Strategy and Management at INSEAD.
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Recapitalising banks: some inspiration from Belgium
---- by Theo Vermaelen, Professor of Finance, INSEAD ----
The current approach to solving the banking crisis is to put more government money into banks. The problem with this approach is that it creates fear of government meddling in the operational and financial decisions of the banking sector. Banks can only survive if they are run by managers and boards who sincerely believe their goal is to maximise shareholder value. This requires managers who are willing to maximise shareholder value and are capable of doing so.
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Business schools and the crisis
---- by Frank Brown, Dean of INSEAD ----
I have heard from a lot of people in the past month. Many of them ask me about the job market for our MBAs, our endowment, our executive education business and about our alumni whose jobs are at risk. But there are some who ask what are you doing about this? What is your role now and in the future as a business school?
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We should heed the lessons of the collapse of the ‘golden age’: a personal view
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Ilian Mihov, Professor of Economics, INSEAD ----
It seemed like it was never going to end – the rise of the economy, the increased prosperity, the bull stock market. Forbes magazine said it would be ‘recognized as a golden age of American industry.” This was in the summer of 1929, but then the US economy collapsed. From growth rates of between three and 10 per cent in per capita terms, the US economy imploded: contracting 11 per cent in 1930, another 9.5 per cent the following year, and then shrinking a further 15 per cent in 1932. Who would have thought that the Roaring Twenties would transform into the worst economic disaster of all time?
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Asia feels the pain caused by the crisis but could be poised for rapid recovery
Asia can’t escape the financial and economic crisis that is battering the rest of the world, but the region may be poised for a more rapid recovery if leaders in business and government work together and show leadership.
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Anatomy of a crisis
Changes in financial regulation in the past decade, coupled with the loose monetary policy of former Federal Reserve Chairman Alan Greenspan, are partly to be blamed for the financial crisis that has brought the world into the brink of recession, according to INSEAD Affiliate Professor of Accounting and Dean of the MBA programme, Jake Cohen.
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Online social networking and the economic crisis
---- by Matthew Fraser and Soumitra Dutta ----
In the fallout of the global financial meltdown, it’s difficult to think of a positive side to the economic crisis. But it actually might be good news for Web 2.0 social networking.
It would reasonable to predict that social networking sites like LinkedIn, Plaxo, Ning — and even Facebook — will see their membership ranks soar in coming weeks and months as widespread insecurity drives people to connect with others to boost their social capital.
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