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Introduction

In: The World Economy After The Global Crisis A New Economic Order for the 21st Century

Author

Listed:
  • Barry Eichengreen
  • Bokyeong Park

Abstract

The global credit crisis of 2008–2009 was the most serious shock to the world economy in 80 years. It was for the world what the Asian crisis of 1997–1998 had been for emerging markets: a profoundly alarming wakeup call. By laying bare the fragility of global markets, it raised troubling questions about the operation of the 21st century world economy. It cast doubt on the efficacy of light-touch financial regulation and, more generally, on the prevailing commitment to economic and financial liberalization. It challenged the managerial capacity of institutions of global governance. It augured a changing of the guard, pointing to the possibility that the economies that had been leaders in the global growth stakes in the past would no longer be leaders in the future…

Suggested Citation

  • Barry Eichengreen & Bokyeong Park, 2012. "Introduction," World Scientific Book Chapters, in: Barry Eichengreen & Bokyeong Park (ed.), The World Economy After The Global Crisis A New Economic Order for the 21st Century, chapter 1, pages 1-6, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814383042_0001
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    More about this item

    Keywords

    World Economy; Financial Crisis; Global Trading System; Global Financial System; International Monetary System; G20; Global Governance; Emerging Markets; Asia; Advanced Economies;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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