EAN: 9780300263398

SEVEN CRASHES - HAROLD JAMES GEBUNDEN

A leading economic historian presents a new history of financial crises  showing how some led
to greater globalization while others kept nations apart "[A] fascinating book."--Martin Wolf 
Financial Times   "Best Books of 2023--Economics" The eminent economic historian Harold James
presents a new perspective on financial crises  dividing them into "good" crises  which
ultimately expand markets and globalization  and "bad" crises  which result in a smaller  less
prosperous world. Examining seven turning points in financial history--from the depression of
the 1840s through the Great Depression of the 1930s to the Covid-19 crisis--James shows how
crashes prompted by a lack of supply  like the oil shortages of the 1970s  lead to greater
globalization as markets expand and producers innovate to increase supply. By contrast  crises
triggered by a lack of demand--such as the Global Financial Crisis of 2007-2008--result in less
globalization as markets contract  austerity measures are imposed  and skepticism of government
grows. By considering not only the times but also the observers who shaped our understanding of
each crisis--from Karl Marx to John Maynard Keynes to Larry Summers--James shows how the uneven
course of globalization has led to new economic thinking  and how understanding this history
can help us better prepare for the future.

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