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From Crisis to Recovery: The Causes, Course and Consequences of the Great Recession by Patrick Love, Brian Keeley

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3.  Routes, Reach, Responses

The recession had its roots in financial centres like New York and London, but it swiftly spread throughout the global economy. As the scale of the calamity became clear, governments took extraordinary measures to keep financial institutions afloat and stimulate economic demand.

By way of introduction …

In Dublin, Kelly Lynch is coming to terms with the sudden death of the “Celtic Tiger” – the booming economy that transformed Irish expectations. “Our generation never experienced anything but the Celtic Tiger. We heard about the [recession of the] 190s, but it was all just whispers and ghost stories. Now it’s come back and, yeah, it’s a bit of a shock,” the 24-year-old told The Irish Times.

In Massachusetts, ...

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