Financial Crises and Recession in the Global Economy


Acclaim for the first edition: 'Of 600 books I reviewed on new perspectives on the global economy as a system, this is the one that conveyed the most new information and plausible explanations for a variety of recent phenomena for which other explanations are unsatisfactory. This is the only book presenting a data-supported theory of the global economic system which connects the real world economy to the new global financial system.' - Kenneth E.F. Watt, Encyclopedia of Human Ecology '...the emphasis placed by the author on the international frame as the basic unit of economic analysis and his rejection of equilibrium as the principle informing that analysis make this book much more appropriate for understanding present-day reality than traditional macroeconomic treatises. Such a stance requires intellectual courage. Moreover, in its own terms, this work achieves the purposes it has set itself.' - G. Carchedi, Review of International Political Economy This timely and authoritative book explains the rise and fall of economies in Asia, Central America and Europe since 1980 and discusses these crises in the context of continuing economic globalization. This updated and fully revised edition includes a detailed account of the Mexican crisis of 1994-95, the Japanese crisis which has worsened in the late 1990s and the Asian crisis which emerged in 1997. Professor Allen discusses the impact of new uses and forms of money, and new financial flows such as electronic monies and offshore financial markets. These processes explain how the US economy has benefited from 'money-mercantilism' at the expense of other regions of the world. The author then provides a thorough taxonomy of the common patterns of recent currency crises. He formalizes a 'new political economy of money' which goes further than the conventional literature in explaining these patterns. Roy Allen provides policy recommendations for the G7, World Bank, IMF and various nations which will also prove invaluable to students and scholars of financial economics, international economics and international political economy.

Additional information

Publisher: Place of publication:
  • Cheltenham, England
Publication year:
  • 2000
  • 2nd


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