Impact of The Global Financial Crisis: Predictions Gone Wrong

When the global financial crisis struck, the purveyors of conventional wisdom had it all figured out. Latin American countries would surely mismanage the crisis, as they have in the past. Economies that established partnerships with developed countries could rely on that “insurance” against instability. The growth rate of East Asian economies would not dip below the rates reached in previous decades. And the growth rate of economies, such as Ireland’s, which had enjoyed a “good boom” prior to the crisis, would rebound quickly and relatively painlessly.