What Global Economic Crisis?

What Global Economic Crisis?

What Global Economic Crisis?

What Global Economic Crisis?

Synopsis

With unprecedented trends towards globalization, the repercussions of economic crises are more profound than ever before, particularly for developing countries. What Global Economic Crises? bridges the gap between theory and policy-making by examining the destabilizing effects of financial crises on economic growth, stability, and development. It also presents innovative ideas intended to inform the design of institutions able to foster more effective international policy coordination.

Excerpt

I am delighted to write the foreword to this volume, firstly because the contributors have written on pressing, important issues currently facing us as economists, and secondly, because the conference and the volume also celebrate the life (still going strong) and the work of John Cornwall. John has done so much during his 70 years and more to pinpoint how and why our economies malfunction and what may be done to offset this. He was always motivated primarily by the harm that malfunctioning does to those least able to defend themselves, and secondly, by a sustained attempt to offset cynicism, self-serving and stupidity in policy-making and, it must be said, in the profession too.

The central focus of this volume is on financial crises, past and present, their causes and cures. But there are also supporting themes. The contributors come to their task from the observations of historical economic episodes; they develop theoretical frameworks to take them in and to suggest new or altered institutions to cope with systemic ill-effects. The policies suggested are humane, practical and effective, given a not unreasonable modicum of political goodwill. In all this, John Cornwall’s contributions, in the past and at the conference itself with Wendy, are fundamental.

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