A panel discussion was held on the economic, political, and cultural influences affecting the global economy. Edmund Phelps talked about the causes of the financial markets crisis, the Paulson proposal to the crisis, and reform and restructuring of financial systems. Paul Krugman talked about the causes of the crisis and global financial sector linkages. Following their remarks, Professors Phelps and Krugman responded to audience members' question. This was part of an event marking the 50th annual meeting of the National Association of Business Economics, held at the J.W. Marriott.