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Why did the Crisis of 2008 Happen?

Posted: 29 Aug 2010 Last revised: 2 Feb 2015

Nassim Nicholas Taleb

NYU-Tandon School of Engineering

Date Written: August 26, 2010


This paper - while a standalone invited essay written for a special crisis issue of New Political Economy - synthesizes the various technical documents by the author as related to the financial crisis. It can also be used as a technical companion to The Black Swan (2007-2010).

Keywords: Black Swan, Risk Management, Finance, Markets, Crisis

JEL Classification: D8, G11, G12, G13, N

Suggested Citation

Taleb, Nassim Nicholas, Why did the Crisis of 2008 Happen? (August 26, 2010). Available at SSRN: or

Nassim Nicholas Taleb (Contact Author)

NYU-Tandon School of Engineering ( email )

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