1. The Irony of Global Economic Governance: The System Worked
- Author:
- Daniel W. Drezner
- Publication Date:
- 10-2012
- Content Type:
- Working Paper
- Institution:
- Council on Foreign Relations
- Abstract:
- The 2008 financial crisis posed the biggest challenge to the global economy since the Great Depression and provided a severe “stress test” for global economic governance. A review of economic outcomes, policy outputs, and institutional resilience reveals that these regimes performed well during the acute phase of the crisis, ensuring the continuation of an open global economy. Even though some policy outcomes have been less than optimal, international institutions and frameworks performed contrary to expectations. Simply put, the system worked.
- Topic:
- Economics, Globalization, International Political Economy, Markets, Global Recession, Monetary Policy, and Financial Crisis