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The world is going through its worst financial turmoil since the Great Depression of 1930s, triggered by a dramatic rise in mortgage delinquencies and foreclosures in the United States with adverse consequences for banks, financial markets, businesses, exports, employment, wages and salaries, consumer spending and tax collections all over the world. The causes of the crisis include mortgage repayment defaults, high-risk lending, excessive speculation during the boom period, high personal and corporate debt levels, large scale sale of risky securities on the support of dubious credit ratings, lack of proper financial regulation in America and many European countries and international trade imbalances. As the crisis has snowballed into a global recession, the governments, international financial institutions and economic forums are taking fiscal and monetary measures to combat the crisis. There have been bailouts, relief plans, stimulus packages in several countries of Europe, Asia, America and Africa. Banks around the world have reduced lending rates. Federal Reserve Bank has brought its lending rate to near zero level. The Reserve Bank of India has cut its short-term lending rates by 4.25 per cent in six steps since October 2008. Besides, there have been cuts in excise duty and service tax and plans for expansion in infrastructure investment. However, much more needs to be done to put the world economy back on track as shown by the much anticipated stress tests on 19 large banks in America. The most significant measure being taken is the sweeping overhaul of the financial regulation. In America, hedge funds, private equity firms and derivative markets will come under government supervision for the first time. Institutions like World Bank and the IMF are being revamped. The G20 meeting of April 2009, held in London, can be termed as landmark in many ways. The member countries pledged more than $1 trillion for emergency loans to reverse the recession. They decided to reject protectionism and bring tighter financial regulation. Positive results can be expected sooner than later. The book World Financial Crisis attempts to provide a holistic view of the financial turmoil afflicting the world today. It analyses various factors that led to the crisis, as well as its debilitating effect on economic growth, industrial production, commodity prices, liquidity position, stock markets, foreign direct investment (FDI), interest rates, employment and poverty situation. Different aspects of the crisis and its consequences for developed and developing economies have been presented in a lucid manner collecting pertinent information from authentic sources. Tables and exhibits have been provided to enhance readers understanding while bibliography further enriches the book. It will be useful to the students, teachers and researchers of Economics, parliamentarians, policymakers, economists, and entrepreneurs in India and abroad. Common readers interested in knowing about the present global economic conditions will find it inculcating and informative. About the Author K.R. Gupta is a well-known Economist. He has published over twenty books and more than hundred papers in reputed journals, being published in India and abroad. His edited volumes include Studies in Indian Economy, Liberalisation and Globalisation of Indian Economy, Social Capital, Special Economic Zones: Issues, Laws and Procedures and Indo-U.S. Civil Nuclear Deal. He had been teaching postgraduate classes and guiding research for about two decades in the University of Jammu and Kurukshetra University. He has also worked as an Economist in private as well as in public sector. His last assignment was as Economic Advisor to the Modi Enterprises.