IDEAS home Printed from
   My bibliography  Save this article

Global economic crisis and international cooperation in a historical perspective


  • Luca Einaudi

    () (Joint Centre for History and Economics, Cambridge)


The article explores 150 years of attempted International cooperation against economic and financial crises, following its evolution from central bank led efforts during the era of metallic standards to stronger involvement of national governments from the 1930s, describing some of their main areas of intervention, from continuous changes of exchange rate regimes to anti-crisis trade policies and reform of financial regulation, emphasizing the role of crises as incubators of new institutions. It argues that in historical comparison 2008-2009 has represented a significantly more successful episode than usual, but its effects were short lived, because cooperation normally weakens or fails altogether unless supported by a strong threat of symmetrical catastrophe, with widely shared consequences, strong political leadership, common theoretical framework, and effective international institutions.

Suggested Citation

  • Luca Einaudi, 2014. "Global economic crisis and international cooperation in a historical perspective," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 22(3), pages 71-104.
  • Handle: RePEc:hid:journl:v:22:y:2014:3:4:p:71-104

    Download full text from publisher

    File URL:
    Download Restriction: Access to full text is restricted to subscribers

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hid:journl:v:22:y:2014:3:4:p:71-104. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Mario Aldo Cedrini). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.