Anthony Elson Knihy

The book analyzes the contrasting developmental trajectories of East Asia and Latin America since the mid-1970s, focusing on internal factors that have shaped their responses to globalization. It highlights how East Asia effectively leveraged trade, finance, and technology to foster growth, while Latin America struggled to capitalize on similar opportunities. Through this comparative study, the author uncovers the critical elements that have influenced each region's ability to navigate the global economy.

Exploring the US dollar's role as the primary reserve currency, this book analyzes the factors contributing to its dominance and the benefits it provides to both the US and other nations. It also highlights the potential costs and threats to global financial stability posed by a dollar-centric system. The author discusses three alternative currency arrangements to mitigate these issues: transitioning to a multi-reserve currency system, enhancing the IMF's role, and introducing central bank digital currencies.

Focusing on the challenges of financial globalization, this book examines the integration of capital markets across borders and its implications during the global financial crisis. It highlights the urgent need to enhance the international financial architecture to address these emerging issues effectively.

Focusing on the impact of globalization on the US economy, the book analyzes international trade, finance, and immigration to clarify misconceptions surrounding its costs and benefits. It highlights that while the US has largely benefited from globalization since WWII, certain groups have faced significant challenges. The author emphasizes the need for government intervention to support adversely affected workers and proposes institutional reforms to enhance gains from globalization while promoting equitable distribution of its benefits.

This book provides a uniquely comprehensive explanation of the 2008-2009 global financial crisis and resulting scholarly research in the context of building an agenda for reform. With the clarity provided by almost a decade of hindsight and a careful eye toward planning for prevention, Elson guides readers through both historical fact and scholarly interpretation, highlighting areas where careful critique of and changes in the international financial architecture and the mainstream macroeconomic paradigm can promote greater financial stability in the future. Given the great public concern over growing income and wealth inequality, the book examines their links to the increased financialization of the economy, both prior to and since the crisis. Finally, the book identifies a number of lessons that need to be recognized if adequate and effective reforms are to be introduced to avoid a financial crisis of similar magnitude in the future. Comprehensive enough for university students and sufficiently innovative for financial policymakers, this book will appeal to a wide range of readers interested in understanding not just where the crisis has brought us, but what key economists have said about it and how we can strengthen our financial system oversight to deal with the continuing challenges of globalization.