A leading economic historian presents a new history of financial
crises, showing how some led to greater globalization while others
kept nations apart  The eminent economic historian Harold
James presents a new perspective on financial crises, dividing them
into “good” crises, which ultimately expand markets and
globalization, and “bad” crises, which result in a smaller,
less prosperous world. Examining seven turning points in financial
history—from the depression of the 1840s through the Great
Depression of the 1930s to the Covid-19 crisis—James shows how
crashes prompted by a lack of supply, like the oil shortages of the
1970s, lead to greater globalization as markets expand and
producers innovate to increase supply. By contrast, crises
triggered by a lack of demand—such as the Global Financial Crisis
of 2007–2008—result in less globalization as markets contract,
austerity measures are imposed, and skepticism of government grows.
 By considering not only the times but also the observers
who shaped our understanding of each crisis—from Karl Marx to
John Maynard Keynes to Larry Summers—James shows how the uneven
course of globalization has led to new economic thinking, and how
understanding this history can help us better prepare for the
future.
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