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The System Worked - How the World Stopped Another Great Depression (Hardcover)
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The System Worked - How the World Stopped Another Great Depression (Hardcover)
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Global governance institutions, from the International Monetary
Fund to the International Olympic Committee, are little loved. They
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
institutional 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 persist, largely because the
Great Recession most affected powerful nations whose governments
made poor decisions in the management of their own economies. Also,
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 global economic governance 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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