The System Worked; How the World Stopped another Great Depression
New York: Oxford University Press, 2014. First Printing [Stated]. Hardcover. xii, [2], 262, [4] pages. Figures and Tables. Signed by the author on the title page. Includes Acknowledgments, Notes, References, and Index. Chapters cover The Puzzle of Successful Global Governance; Yes, the System worked; Why the Misperception?; The Role of Interest; The Role of Power; The Role of Ideas; and Where Do We Go from Here? In this book, Daniel Drezner, a renowned political scientist and international relations expert, contends that despite the massive scale and reverberations of this latest crisis (larger, arguably, than those that precipitated the Great Depression) the global economy has bounced back remarkably well. Examining the major resuscitation efforts by the G-20, IMF, WTO, and other institutions., the author shows that, thanks to the efforts of central bankers and other policymakers, the international response was sufficiently coordinated to prevent the crisis from becoming a full-fled depression. Yet the narrative about the failure of multilateral economic institutions persists, both because the Great Recession affected powerful nations whose governments managed their own economies poorly, and because the most influential policy analysts who wrote the books and articles on the crisis hail from those nations. Nevertheless, Drezner argues, while it's true that the global economy is still fragile, these institutions survived the "stress test" of the financial crisis, and may have even become more resilient and valuable in the process. Daniel W. Drezner (born August 23, 1968) is an American professor of international politics at The Fletcher School of Law and Diplomacy at Tufts University, an author and a commentator. He is also a nonresident senior fellow at the Project on International Order and Strategy at the Brookings Institution. Drezner's 2014 book, The System Worked: How the World Stopped Another Great Depression, examines the financial crisis of 2007–2008. In it, Drezner praises the international response to the crisis and says that a major economic depression was averted. Jonathan Kirshner, in his review in Boston Review, said the book was "smart, thoughtful, and important" but disagreed with Drezner on the issues of free trade and globalization. International institutions, from the International Monetary Fund to the International Olympic Committee, are perceived as bastions of sclerotic mediocrity at best and outright corruption at worst, and this perception is generally not far off the mark. In the wake of the 2008 financial crash, Daniel W. Drezner, like so many others, looked at the smoking ruins of the global economy and wondered why global economic governance structure had failed so spectacularly, and what could be done to reform them in the future. But then a funny thing happened. As he surveyed their actions in the wake of the crash, he realized that the evidence pointed to the exact opposite conclusion: global economic governance had succeeded. In The System Worked, Drezner, a renowned political scientist and international relations expert, contends that despite the massive scale and reverberations of this latest crisis (larger, arguably, than those that precipitated the Great Depression), the global economy has bounced back remarkably well. Examining the major resuscitation efforts by the G-20 IMF, WTO, and other institutions, he shows that, thanks to the efforts of central bankers and other policymakers, the international response was sufficiently coordinated to prevent the crisis from becoming a full-fledged depression. Yet the narrative about the failure of multilateral economic institutions persists, both because the Great Recession affected powerful nations whose governments managed their own economies poorly, and because the most influential policy analysts who write the books and articles on the crisis hail from those nations. Nevertheless, Drezner argues, while it's true that the global economy is still fragile, these institutions survived the "stress test" of the financial crisis, and may have even become more resilient and valuable in the process. Bucking the conventional wisdom about the new "G-Zero World," Drezner rehabilitates the image of the much-maligned international institutions and demolishes some of the most dangerous myths about the financial crisis. The System Worked is a vital contribution to our understanding of an area where the stakes could not be higher. Condition: Very good / Very good.
Keywords: Financial Crisis, Recessions, Banking Supervision, Group of Twenty, G20, International Monetary Fund, IMF, Free Markets, Free Trade, Liquidity, Fiscal Stimulus, World Bank, World Trade Organization
ISBN: 9780195373844
[Book #82550]
Price: $100.00