Compared with other developed countries, the United States has very low taxes, little income redistribution, and an extraordinarily complex tax code.

As Europe emerges from economic crisis, a larger challenge remains: finally turning the eurozone into an optimal currency area, with economies similar enough to sustain a single monetary policy.

The West's recent growth was dependent on borrowing. Going even further into debt now won't help; instead, countries need to address the underlying flaws in their economies.

Many economists argue that global financial imbalances fueled the recent recession. To prevent future crises, world leaders are trying to even out the balance sheet.

The aftermath of the Great Depression saw a burst of competitive currency devaluations and protectionism that undermined confidence in an open global economy.

In the wake of the financial crisis, the United States is no longer the leader of the global economy, and no other nation has the political and economic leverage to replace it.

The global economic crisis has revealed the folly of large U.S. budget and trade deficits, as well as of the strong dollar that makes them possible.

Many economies in Africa have remained largely sheltered from the global financial crisis. To keep economic development there on track, the West must avoid protectionist impulses.

Japan should not apologize for its past aggression by emulating the contrition that Germany has displayed since the mid-1960s because it would risk a nationalist backlash.

The financial crisis has called into serious question the credibility of western governments and may precipitate an eastward shift of power.

The current economic crisis may have one winner: the Chinese financial model, which -- together with the IMF -- holds the keys to fixing the problem.

This module features teaching notes by CFR Adjunct Fellow Jeffrey Mankoff, author of the Council Special Report The Russian Economic Crisis, along with other resources to supplement the text. Dr. Mankoff examines the domestic and foreign policy consequences of the economic downturn that hit Russia in late 2008, and how the shift in the political debate inside Russia influenced its perceptions of the outside world.

This module features teaching notes by Amity Shlaes, author of The Forgotten Man: A New History of the Great Depression, along with other resources to supplement the text. In her book, Miss Shlaes asserts that the real question about the Depression is not whether Roosevelt ended it with World War II, but why the Depression lasted so long. She argues that federal intervention between 1929 and 1940 unnecessarily deepened and prolonged the Depression.

The ongoing eurozone debt crisis continues to threaten the future of the single currency, even as European policymakers work to forge a closer political and fiscal union, explains this CFR Issue Guide.

Anti-Germany protests in Athens have highlighted the country's complicated role as de facto leader of Europe while raising concerns about the continent's ability to advance difficult solutions to the sovereign debt crisis.

Greece appears to have averted imminent default, but its recovery prospects remain clouded by the severity of its planned austerity measures and the impact cutbacks have already had on its stricken economy.

Even as Greek leaders agree to new austerity measures, the IMF is calling on Greece's official creditors to take losses on its bond holdings. Analysts and policymakers increasingly question the wisdom of EU-mandated austerity measures at the expense of growth.

Political and business leaders at the World Economic Forum in Davos are focused on the ongoing eurozone sovereign debt crisis, with some cautioning that Germany is not doing enough to resolve the crisis and facilitate growth.

Fears of a U.S. sovereign debt crisis akin to some eurozone economies may be overblown, but a large deficit poses serious challenges for policymakers struggling to balance short-term economic recovery with debt reduction in the long term.

Policymakers and market actors are increasingly concerned about a disorderly Greek default, while many analysts question the wisdom of Germany's strict austerity approach to the escalating eurozone sovereign debt crisis.