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The Global Risks and Problems of the Economic and Financial Systems

In: The World Economy and Financial System

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  • Levent Sümer

    (Boğaziçi University)

Abstract

The main flaw of the global finance industry is its debt-oriented structure. The global debt has continuously been increasing, breaking records every new year, and putting risks on the economy worldwide. The COVID-19 pandemic slowed down economic activities, high inflation resulted in the loss of purchasing powers and wealth and widened inequality, rising interest rates which increased the risk of another global recession, redefinition of globalization under the ongoing trade wars, Brexit and post-pandemic policies, and finally, the political conflicts determining the economic decisions of many states are standing the most critical issues to be resolved by the politicians and economists to create a sustainable financial ecosystem. This chapter explains these risks and their potential consequences in detail.

Suggested Citation

  • Levent Sümer, 2023. "The Global Risks and Problems of the Economic and Financial Systems," Springer Books, in: The World Economy and Financial System, chapter 0, pages 53-86, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-27530-2_4
    DOI: 10.1007/978-3-031-27530-2_4
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