In this incisive fifth edition of Financial Crises and Recession in the Global Economy, Roy E. Allen examines the major financial instabilities, crises, and evolutionary trends since the 1970s and through the recent Covid-19 pandemic. Providing empirical research on the relation between money and the real economy, Allen explains how key financial variables are driven more by psychological and social constructs than is commonly understood and discusses how monetary wealth transfers in the context of what he terms ‘US money mercantilism’ have favored the US dollar ‘core’ of the global system. Chapters go on to explore the continuing globalization of financial markets, including further innovations in information-processing technology, government deregulation, new uses and forms of money, and emerging financial products and markets. Allen elaborates on the political economy of financial crises and further advances his human ecology economics framework to help guide research and policymaking in the future. Explaining why large-scale financial instabilities occur and how they might be better managed and avoided, this thoroughly revised fifth edition will be an essential resource for students and scholars of international economics, macroeconomics, international finance, and international political economy. Its critical insights on how the international system continues to evolve will also help inform policymakers’ responses to financial crises.

In this incisive fifth edition of Financial Crises and Recession in the Global Economy, Roy E. Allen examines the major financial instabilities, crises, and evolutionary trends since the 1970s and through the recent Covid-19 pandemic. Providing empirical research on the relation between money and the real economy, Allen explains how key financial variables are driven more by psychological and social constructs than is commonly understood and discusses how monetary wealth transfers in the context of what he terms ‘US money mercantilism’ have favored the US dollar ‘core’ of the global system. Chapters go on to explore the continuing globalization of financial markets, including further innovations in information-processing technology, government deregulation, new uses and forms of money, and emerging financial products and markets. Allen elaborates on the political economy of financial crises and further advances his human ecology economics framework to help guide research and policymaking in the future. Explaining why large-scale financial instabilities occur and how they might be better managed and avoided, this thoroughly revised fifth edition will be an essential resource for students and scholars of international economics, macroeconomics, international finance, and international political economy. Its critical insights on how the international system continues to evolve will also help inform policymakers’ responses to financial crises.

This new edition of Financial Crises and Recession in the Global Economy explores the major financial instabilities and evolutionary trends in the global economy since the 1970s. Financial globalization has produced an expanded money-credit pyramid, increased the risk of crisis, and created and transferred wealth from periphery to core regions. This book presents some new thinking, which explains the continuing occurrence of large-scale financial crises. Roy E. Allen examines how key financial variables are driven more by psychological and social constructs than is commonly understood and that money and wealth can be created, transferred and destroyed across the global economy independently of the rest of the 'real' economy. This new structural relationship between money and the real economy is associated with financial globalization-including, especially, new technologies and governmental deregulation in the 'explosive 1980s'. A new political economy of financial crisis and a human ecology economics framework are advanced to guide research and policymaking in the future. This learned but accessible book is meant for a broad audience of academics and practitioners, and has been used as a supplementary textbook for courses in international economics, international finance, money and banking, and macroeconomics.

This important and timely two-volume collection presents the key issues and processes that surround recent large-scale financial crises - in Asia, Latin America, and elsewhere - and identifies procedures that will help to avoid and manage crises. The articles are drawn from leading journals in political economy, international relations, political science and economics. The reconstruction of the international financial architecture is identified as a working compromise which brings together neo-Keynesian and neo-liberal principles but which, in itself, cannot fully answer the challenges of systemic risk. Globalization processes contribute to systemic risk and complicate the efforts of the IMF and other international financial institutions to create order and stability. The Political Economy of Financial Crises will be invaluable to a broad interdisciplinary audience as a reference source to support teaching and research.

This book presents 'human ecology economics' as a new and more comprehensive interdisciplinary framework for understanding 'world conditions and human systems'. This book helps economists rethink the boundaries and methods of their discipline - so that they can participate more fully in debates over humankind's present problems and on the ways that they can be solved. Authors contributing to this book agree that human ecology economics is a superior framework for responding to global sustainability concerns because, unlike traditional economics and other social sciences, it allows a long time run perspective, encourages use of the humanities, and effectively juxtaposes 'sustainability' and other interdisciplinary issues alongside traditional economic issues. The contributors explore the following types of questions: What drives innovation and evolution in the world economy? What allows the U.S. one-third of the world's wealth and a leadership role going into the twenty-first century? How can we better understand and address the causes of poverty, inequality, social conflict and inadequate food and energy supplies? Will responding to climate change and other concerns require changes in our ways of being? The book is written for the non-specialist as well as the professional economist in order to advance shared understanding of these 'challenges to humankind'. This book is relevant to courses in Economics, International Relations, Environmental Science and Studies, Ecology and Political Economy among others, and will also benefit any professional audience interested in world conditions and global concerns, including business people, non-profit organisations and governments.

This book presents 'human ecology economics' as a new and more comprehensive interdisciplinary framework for understanding 'world conditions and human systems'. This book helps economists rethink the boundaries and methods of their discipline - so that they can participate more fully in debates over humankind's present problems and on the ways that they can be solved. Authors contributing to this book agree that human ecology economics is a superior framework for responding to global sustainability concerns because, unlike traditional economics and other social sciences, it allows a long time run perspective, encourages use of the humanities, and effectively juxtaposes 'sustainability' and other interdisciplinary issues alongside traditional economic issues. The contributors explore the following types of questions: What drives innovation and evolution in the world economy? What allows the U.S. one-third of the world's wealth and a leadership role going into the twenty-first century? How can we better understand and address the causes of poverty, inequality, social conflict and inadequate food and energy supplies? Will responding to climate change and other concerns require changes in our ways of being? The book is written for the non-specialist as well as the professional economist in order to advance shared understanding of these 'challenges to humankind'. This book is relevant to courses in Economics, International Relations, Environmental Science and Studies, Ecology and Political Economy among others, and will also benefit any professional audience interested in world conditions and global concerns, including business people, non-profit organisations and governments.