Richard L'Estrange describes the characteristics of the economic crisis and how journalists, economists and commentators have clamoured to define them: The origins of economic downturns used to be at least somewhat comprehensible. But even a keen reader of the financial pages must have found their eyes glazing over when the conversation turned to collateralised debt obligations and asset-backed securities, alpha-seeking hedge funds and sub-prime mortgages. The two defining characteristics of this ‘crisis' have been the rapid speed at which the turmoil has manifested itself, and the unique causes that underpin it.

John Quiggin questions the long- term implications of the financial crisis: The implications of the current crisis seem likely to be as equally profound as those of the 1970s inflationary recession that saw the failure of Keynesian economic management. While most political discussion is premised on the assumption that this is a temporary emergency, to be followed by a return to ‘normal’ conditions as soon as possible, the changes that have already taken place make this assumption untenable.

Steve Keen reviews the best theory from economic analysts who predicted the financial crisis, as far back as 1933: If they were to hand out medals for predicting the global financial crisis, the Gold Medal for having predicted the crisis must go to Irving Fisher, who in 1933 developed the "Debt Deflation Theory of Great Depressions" – a piece which remains the best description of what happens to an economy that succumbs to excessive debt in the context of low inflation. We are now reliving the horror he warned us against.

James Murray explains the next phase in government policy to assist the economy after bailing out the banks and encouraging borrowing: Over the last 3 months, governments around the world have bailed out lending institutions, guaranteed deposits, and expanded the money supply. The figures are astronomical: $7.76 trillion USD as at November 24th. That equates to $24,000 USD for every person in the United States, and could pay off half of American mortgages. But what will be the next stage of policy response to the global financial crisis?

Ian Dunlop exposes the wide-ranging problem underlying the financial crisis: environmentally unsustainable economic growth. Throughout the developed world, the financial crisis has prompted calls for the restoration of economic stability and moderation to a system wracked by greed. That culture of greed, which triggered the crisis, has led to a procession of unsustainable organisations going cap in hand to the central government to secure financial ‘bail-outs’. Such a process, however, is symptomatic of a much more wide-ranging problem.