This paper (don't worry about reading the actual paper unless you have a lot of time, the abstract they provide is long enough) offers a very digestible yet very nuanced understanding of the current crisis and a plan to get out of this mess.
3 tenets of their plan:
-National debt restructuring
-Substantial long term infrastructure investment
-Changing global regulations and working to de-leverage Europe/United States
On the last tenet they make a great point that this will only be possible if Chinese consumption rises. If anything they play down the extent to which BRIC economic growth will be necessary for the U.S. economy to truly revive.
Check it out.
This abstract is very comprehensive and makes some great points. I liked the idea of an emergency global demand-stabilization fund to help faltering nations recover more quickly in future recessions. It also looks like emerging economies will have to pick up the slack of the U.S and Europe to allow some time for recovery in those countries. However, just from the abstract the paper seems a bit idealistic. Pillar 1 of their recovery plan seems like previous policies taken to help the economy(granted I did not read the full paper).
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