How The world Has Already Changed

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Executive Summary

The troubles of the US subprime-mortgage market have now mushroomed into a global financial and economic crisis. Despite the massive government response, we still don't know when or how the turmoil will end. Nonetheless, many policy makers and business executives continue to assume that it's just a matter of time until we go back to where we were before the crisis began. They are probably mistaken. We know that the ground has already shifted significantly in several ways, with important implications for many players. At least five key developments can be identified. We still don't know how the crisis will play out, but by recognizing these changes early, we can begin to adjust our rules, our practices, and our thinking to meet the challenges ahead.

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