Global economic crisis and international cooperation in a historical perspective
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.
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