Seven Crashes: The Economic Crises That Shaped Globalization

A new history of financial crises by Harold James categorizes them as "good" crises that promote globalization and "bad" crises that hinder it. He examines seven turning points in financial history, including the oil shortages of the 1970s and the Global Financial Crisis of 2007-2008, and how they shaped the course of globalization.

Format: Hardback
Length: 376 pages
Publication date: 11 July 2023
Publisher: Yale University Press

The renowned economic historian Harold James offers a fresh interpretation of financial crises in his groundbreaking book. He categorizes these crises into two distinct groups: "good" crises, which foster greater globalization and market expansion, and "bad" crises, which lead to a smaller, less prosperous global landscape. Through a comprehensive examination of seven pivotal moments in financial history, spanning from the depression of the 1840s to the Great Depression of the 1930s and including the recent Covid-19 crisis, James demonstrates how crises stemming from supply shortages, such as the oil crises of the 1970s, propel globalization as markets expand and producers innovate to meet increased demand. In contrast, crises triggered by demand deficiencies, such as the Global Financial Crisis of 2007–2008, result in reduced globalization as markets contract, austerity measures are implemented, and skepticism towards government grows.

James delves into the historical context of each crisis, exploring the perspectives of influential observers such as Karl Marx, John Maynard Keynes, and Larry Summers. He sheds light on how the uneven trajectory of globalization has shaped economic thinking and how understanding this history can inform our preparedness for future challenges. By examining the interplay between economic, political, and social factors, James provides valuable insights into the complex dynamics that have shaped our financial landscape over the past centuries.

This book is a must-read for anyone interested in economics, finance, and global history. It offers a comprehensive and insightful analysis of financial crises and their impact on the world economy, challenging readers to think critically about the past and apply lessons learned to navigate the uncertain future. Whether you are a professional economist, a business leader, or simply a curious reader, this book will provide you with a deeper understanding of the forces that have shaped our world and the opportunities and challenges that lie ahead.

Dimension: 235 x 156 (mm)
ISBN-13: 9780300263398