Whilst the funding financial institution Lehman Brothers filed for financial ruin in overdue 2008, the inside track despatched shockwaves around the worldwide financial system. The drop in self belief decimated global alternate, resulting in what the authors of this booklet name the nice alternate cave in. the autumn in alternate used to be surprising, critical and synchronised - falling quicker than in the course of the nice melancholy and through greater than at any time because the moment international struggle; greater than in the course of the oil-price hikes of the Seventies, the recession of the early Eighties and the bursting of the dotcom bubble in 2001. It affected all 104 international locations on which the WTO experiences. This ebook, first released as an book on VoxEU.org to notify international leaders prior to the WTO's exchange Ministerial convention in Geneva in overdue 2009, provides the economics profession's obtained knowledge at the reasons, final result and customers of the nice alternate cave in - a knowledge that keeps to serve the exchange neighborhood this present day. The authors are: Dony Alex, Carlo Altomonte, Sónia Araújo, Richard Baldwin, Rudolfs Bems, Fred Bergsten, Gilberto Biacuna, Ingo Borchert, Peter Draper, Simon Evenett, Michael Ferrantino, Lionel Fontagne, Joseph Francois, Caroline Freund, Jeffry Frieden, Guillaume Gaulier, Leonardo Iacovone, David Jacks, Robert Johnson, Tonia Kandiero, Anne Krueger, Rajiv Kumar, Aimee Larsen, Andrei Levchenko, Logan Lewis, Aaditya Mattoo, Christopher Meissner, Jesse Mora, Léonce Ndikumana, Dennis Novy, Joaquim Oliveira Martins, Kevin O'Rourke, Gianmarco Ottaviano, William Powers, Raymond Robertson, Peter Schott, Daria Taglioni, Kiyoyasu Tanaka, Linda Tesar, Ruyhei Wakasugi, Julia Woerz, Kei-Mu Yi, Veronika Zavacka.