Seven Crashes : The Economic Crises That Shaped Globalization by Harold James

A leading economic historian presents a new history of financial crises, showing how some led to greater globalization while others kept nations apart ?"[A] fascinating book."-Martin Wolf, Financial Times, "Best Books of 2023-Economics" ? The eminent economic historian Harold James presents a new perspective on financial crises, dividing them into "good" crises, which ultimately expand markets and globalization, and "bad" crises, which result in a smaller, less prosperous world. Examining seven turning points in financial history-from the depression of the 1840s through the Great Depression of the 1930s to the Covid-19 crisis-James shows how crashes prompted by a lack of supply, like the oil shortages of the 1970s, lead to greater globalization as markets expand and producers innovate to increase supply. By contrast, crises triggered by a lack of demand-such as the Global Financial Crisis of 2007-2008-result in less globalization as markets contract, austerity measures are imposed, and skepticism of government grows. ? By considering not only the times but also the observers who shaped our understanding of each crisis-from Karl Marx to John Maynard Keynes to Larry Summers-James shows how the uneven course of globalization has led to new economic thinking, and how understanding this history can help us better prepare for the future.
Binding: Hardback