TY - JOUR
T1 - Seven transformative crises from European revolution to corona
T2 - Globalization and state capacity
AU - James, Harold
N1 - Publisher Copyright:
Copyright © European Association for Banking and Financial History e.V. 2020.
PY - 2020/8/1
Y1 - 2020/8/1
N2 - The article considers crises of globalization: the 1840s, the 1870s, the Great War, the Great Depression, the Great Inflation (1970s), the Global Financial Crisis (2008) and the Great Lockdown (2020). Each led to a reshaping of the institutions that supervised or regulated economic development globally but also nationally. In each case, a series of questions are answered: what were the origins of the crisis, what were the monetary and fiscal policy responses, how did the crisis affect the drivers of globalization, trade, migration and capital flows? And how did these different challenges affect governance and views of politics? The article concludes that supply shocks are most easily dealt with by inflationary mechanisms, allowing groups to gain some apparent compensation for their losses through the supply shock. But the resulting mobilization into groups also strains social cohesion.
AB - The article considers crises of globalization: the 1840s, the 1870s, the Great War, the Great Depression, the Great Inflation (1970s), the Global Financial Crisis (2008) and the Great Lockdown (2020). Each led to a reshaping of the institutions that supervised or regulated economic development globally but also nationally. In each case, a series of questions are answered: what were the origins of the crisis, what were the monetary and fiscal policy responses, how did the crisis affect the drivers of globalization, trade, migration and capital flows? And how did these different challenges affect governance and views of politics? The article concludes that supply shocks are most easily dealt with by inflationary mechanisms, allowing groups to gain some apparent compensation for their losses through the supply shock. But the resulting mobilization into groups also strains social cohesion.
KW - capital movement
KW - financial crises
KW - globalization
KW - migration
KW - pandemic
KW - protectionism
KW - state capacity
KW - trade
UR - http://www.scopus.com/inward/record.url?scp=85092657282&partnerID=8YFLogxK
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U2 - 10.1017/S0968565020000098
DO - 10.1017/S0968565020000098
M3 - Article
AN - SCOPUS:85092657282
SN - 0968-5650
VL - 27
SP - 139
EP - 159
JO - Financial History Review
JF - Financial History Review
IS - 2
ER -