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.
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