International relations then and now: why the Great Recession was not the Great Depression
Why did the global financial crisis of 2007-2008 result in ‘only’ a severe, stubborn recession, but not a second Great Depression? Better public policy was a crucial factor in determining this outcome. Less appreciated is the extent to which international political factors – the relatively benign international political environment in 2007-2008 compared with the intense security dilemma of the inter-war years – were also essential in not making a bad situation worse. Nevertheless, two perennial political problems of international macroeconomic relations – the unique challenges of monetary cooperation and the strategic conduct of monetary diplomacy – remain present now, as they were then, and could still contribute to the consequential deterioration of global economic conditions.
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