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The global recession has strongly affected the credibility of the international banking system, damaging also the real economy.

Developing countries, not fully integrated with international markets, seem less affected and local microfinance institutions might also allow for a further shelter against recession, even if foreign support is slowing down and collection of international capital is harder and more expensive.

Intrinsic characteristics of microfinance, such as closeness to the borrowers, limited risk and exposure and little if any correlation with international markets have an anti-cyclical effect. In hard and confused times, it pays to be little, flexible and simple.

The purpose of the paper is to review the social consequences of the Great Recession of 2008‐2009. In particular, it looks at impacts on the world of work – unemployment, informal and vulnerable employment, working poor and youth unemployment, and on public health – hunger and malnutrition, suicides, domestic violence and child abuse. In all fronts, the Great Recession had serious adverse impacts and morphed into a global social crisis. The situation is made worse due to obsessions with fiscal consolidation in the midst of tepid and uncertain recovery. The paper argues that policies matter and advocates for strengthening social protection and continued stimulus in order to ensure robust recovery.

The paper is a general review and it draws on the findings of the United Nations flagship publication, Report of the World Social Situation 2011. It is an analytical narrative of impacts of on‐going economic crisis.

The paper finds a worsening employment situation – rise in unemployment, informal and vulnerable employment, youth unemployment, and working poverty. It also finds adverse public health impacts in terms of rise in malnutrition and hunger, suicide rates, domestic violence and child abuse. Finally the paper finds that policies matters in mitigating worst impacts as well as sustaining recovery.

The findings are tentative as the social impacts of economic crisis become obvious after a long time lag.

The paper argues that policies matter and advocates for strengthening social protection and continued stimulus in order to ensure robust recovery.

Existing research has theoretically modeled conditional correlations between the long-term interest rates as a function of macroeconomic variable. In line with it, the purpose of this paper is to explore whether conditional correlations can be a new signal to predict recessions. Furthermore, this paper also tries to investigate among the four factors – the time difference of the beginning and the end of recessions, financial integration (FI), and trade integration (TI) – which factors drive the direction of change in conditional correlations. Finally, this paper is to explain the implication for Korea trade.

This study uses a probit regression model for 33 country during the period from 1972 to 2015. To measure the time-varying interest rates conditional correlations, a VAR(1)-DBEKK-GARCH(1,1) model is adopted due to its statistical advantages. Furthermore, the authors also construct the four measures – time difference of the beginning of recessions (BEG), time difference of the end of recessions (END), FI, and TI. The authors first study the predictive power of correlations in both in and out-samples test, and study which factors determine the different behavior of interest rate co-movements using the four measures.

The empirical results show that the conditional correlations between the long-term interest rates of the USA and individual countries contain information about recessions a few quarters ahead which term spreads of neither individual countries nor the USA conveyed in. However, there is a heterogeneity of the significance and direction of interest rate correlations. A further research reveals that especially the heterogeneous degree of TI leads to the different overlapped recession period of individual countries with the USA, resulting in heterogeneous behavior of interest rates among countries.

As a limitation of this paper, the forecasting power of interest rate correlations is not always significant in all countries. Despite this, the study has a profound implication that for those countries where the US accounts for the high proportion of trade, increase in conditional correlations can be a signal for future recessions. Especially, given a considerable portion of trade in GDP and the more sensitive trade activity of Korea to a contagious recession than a domestic recession, the conditional correlation measure is particularly useful for Korean policy makers.

Although many papers model interest rate co-movement as a function of macroeconomic condition, this paper provides the first evidence to show interest rate co-movement precede the macro shocks empirically. Furthermore, this paper determines the precise channel through which TI affects the time-varying behavior of interest rate co-movements before recessions.

This chapter provides a qualitative discussion on the role of social justice mechanisms as a response to alleviate stressors within neoliberal frameworks. Lifelong learning (LLL) has various models and goals, inclusive of social justice. It establishes flexible learning modes and environments to expand educational opportunities to include disadvantaged or marginalised individuals (Armstrong, 2014; Yang, Schneller, & Roche, 2015). Further, LLL has the capability to assess new events and use methods to effectively implement strategies that manage negative educational and economic impacts (Sharma, 2004). Within the Bologna Process (BP), LLL continues to be evaluated, and interestingly, LLL operates within this system that aims to create universalised and standardised practices across participating countries. As a result, there is a dynamic relationship of flexible learning within a structured framework.

This chapter addresses the issue of whether and how LLL has been responsive to major social and economic crises that have impacted the BP and inevitably learning processes. To determine LLL responses and possible contributions, a case study examination of policy and implementation in Scotland is presented through the lens of two major global crises. The two crises are the 2008–2009 Global Recession and the 2019–present day COVID-19 pandemic, which have impacted the planning and provision of education across the European Higher Education Area (EHEA). Analysis is drawn from national government documents, academic and international organisation research papers, an interview and articles from relevant years. Challenges in LLL provision are also presented in the analysis. And although we cannot forecast with certainty the next global crisis to impact our educational system, this chapter concludes with points on how future impacts may be mitigated through LLL.

This paper aims to identify the critical factors causing construction disputes in small to medium enterprises (SMEs) in Ireland during the recent recession period from 2007 to 2013.

This study used a mixed-method approach incorporating a literature review, case studies and questionnaire survey, with results analysed using exploratory (data reduction) factor analysis.

The results indicate seven core critical factors which result in construction disputes in SMEs in Ireland during a recession: payment and extras; physical work conditions; poor financial/legal practise; changes to the agreed scope of works; time overrun; defects; and requests for increase in speed of project and long-term defects.

With Ireland emerging from the current economic recession and the prevalence of SMEs in the construction sector, it is essential to document the core critical factors of construction disputes which emerge within this particular segment of the built environment.

To address the adversarial nature of the construction sector and the prevalence of SMEs, it is essential to identify and document the critical factors of construction disputes within this remit. It is envisaged that the results of this research will be acknowledged, and the recommendations adopted, by construction SMEs, particularly within Ireland, as they emerge from the economic recession.

This paper fulfils a gap in knowledge with the emergence of the economic recession and the identification of critical factors of construction dispute within SMEs in the Irish construction industry.

The article highlights the importance of corporate training in knowledge sectors like Information Technology and Information Technology “enabled services” sectors during times of recession. It treats recession as a boon not as a bane – as an opportunity for employees to spend time learning and for employers to gain a competitive edge.

During recessions, organizations should not sack employees but engage their support to battle against recessions. They should find ways and means to cut down on unwarranted expenditure elsewhere; partly through the ideas and ingenuity of the employees themselves. Recession is also the right time to focus on innovation and creativity. An emphasis on greater market research (which is often neglected because of complacency when times are more profitable) would definitely pay off. Creating new products or services can open the gates for new consumers of products or services.

It concludes that training is only a comma not a full stop. Training is an investment not an expense. Despite any recession, it should be maintained as a continuous process to ensure organizations remain competitive and productive.

The article focuses on IT and ITeS sectors in India, looking at the value of training from a different perspective. It converts the threat of recession to an opportunity. It is aimed at senior executives, busy practitioners, HR executives, training consultants and trainers.

The purpose of this paper is to analyze the evolution of the crisis, its causes and the corrective policy actions with the aim of drawing up from that a set of economics policy and substantive implications and conclusions.

To throw into sharp relief the causes and particular features of the financial crisis, the paper traces the combined evolution of financial innovations and globalization which underscores the eruption of the crisis. It then analyzes the recession and the ensuing policy actions. The US actions are examined in detail by analyzing the pertinent technical, macroeconomics, and political issues. Thereafter, elements of reforms are outlined, which in part draw on the work of the Bank of International Settlements. This leads into substantive and policy conclusions of great significance.

The paper elucidates the major historic changes observed in monetary policy design and execution. It also brings out the changes in the empirical size of the various fiscal policy lags as compared with the received literature. It is argued that if the policy actions succeed the empirical relevance of the modern quantity theory and new classical macroeconomics would be thrown into question. Other set of conclusions involves setting up an internationally coordinated of financial regulations and bank supervision. It is argued that reforming the international monetary system has become unavoidable. There are also a host of specific other conclusions.

The conclusions and analysis contained in this paper are totally new. Given their comprehensiveness and global orientation, they will presage in future work, an overdue revision in received macroeconomic theory and financial supervision not seen since the 1960s.

In business, globalization refers to the process of integrating the economies of the world, which results in the emergence of an interdependent business world. Nations are now living in a globalized business world. The globalization process began in the 1980s, developed rapidly in the context of the Washington Consensus of the 1990s, and entered the new millennium with great fanfare. Booming consumerism, rapid economic growth, rising incomes, and massive financial flows and transactions became the order of the day. Hardware-industrial China and software-service India rode the wave. With a high growth rate, prosperity seemed unending.

Then the anticlimax of 2007–2008 and later occurred. Financial crisis emerged from sub-prime crisis, bank failures, sudden credit collapse, market uncertainties, stock market crash, and the disappearance of business confidence. The crises certainly ushered in a “Great Recession,” which through vigorous international efforts stopped falling short of a “Great Depression.” The focus has again turned on China and India who are expected to lead in the recovery.

Where did the world go wrong? Here comes the Gandhian Thought and Philosophy. The paper seeks to explain how “greed” overtook “need,” “speculation” overtook “sensible thinking,” “self-aggrandizement” overtook “trusteeship,” and “consumerism” overtook “modest consumption.” Business everywhere should have been based on trust, transparency, and truth. But this foundation seems to have disappeared. These facts are analyzed, the relevance of Gandhi is brought out, and future perspectives are discussed.