Andrés Solimano
- Published in print:
- 2014
- Published Online:
- September 2014
- ISBN:
- 9780199355983
- eISBN:
- 9780199396894
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199355983.003.0005
- Subject:
- Economics and Finance, International
This chapter reviews a number of financial crises experienced in the first wave of globalization in Central Europe, the United States, Argentina, the far East, the deglobalization period of the ...
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This chapter reviews a number of financial crises experienced in the first wave of globalization in Central Europe, the United States, Argentina, the far East, the deglobalization period of the interwar years featuring hyperinflation, stock market crash, massive bank failures, the great depression and the rise of fascism and Nazism, the years of steady growth, lower inequality and financial stability under the Bretton Woods system, and the application of neoliberal globalization and its sequels of financial crisis in Latin America, the US, Europe, East Asia and in other nations, the sharp rise of inequality, the formation of strong economic elites and fragmentation of the middle class, and the decline of labor. The chapter draws lessons from these episodes and highlights serious pitfalls in the conceptual frameworks and operational practices of the IMF and the central banks that kept these institutions from playing a useful role in preventing and/or recovering from financial crises.Less
This chapter reviews a number of financial crises experienced in the first wave of globalization in Central Europe, the United States, Argentina, the far East, the deglobalization period of the interwar years featuring hyperinflation, stock market crash, massive bank failures, the great depression and the rise of fascism and Nazism, the years of steady growth, lower inequality and financial stability under the Bretton Woods system, and the application of neoliberal globalization and its sequels of financial crisis in Latin America, the US, Europe, East Asia and in other nations, the sharp rise of inequality, the formation of strong economic elites and fragmentation of the middle class, and the decline of labor. The chapter draws lessons from these episodes and highlights serious pitfalls in the conceptual frameworks and operational practices of the IMF and the central banks that kept these institutions from playing a useful role in preventing and/or recovering from financial crises.
