Global Financial Crisis and International Institutions: Challenges, Opportunities and Change

Lane, Jan-Erik; Maeland, Reinert
March 2011
Public Organization Review;Mar2011, Vol. 11 Issue 1, p29
Academic Journal
The global financial crisis is not just another economic downturn. It signals the need for fundamental changes in the management of the global market economy. Certainly, time has come to reshuffle voting rights in the World Bank and International Monetary Fund, recognizing shifts in global economic power. Also, the question remains of whether effective collective international action can be taken on climate change and global ecology. The crisis has offered the opportunity for reflection on the basic rules, leading hopefully to institutional evolution and not merely a huge anti-cyclical spending frenzy with a rejuvenated Keynes.


Related Articles

  • The Great Financial Crisis -- Three Years On. FOSTER, JOHN BELLAMY; MAGDOFF, FRED // Monthly Review: An Independent Socialist Magazine;Oct2010, Vol. 62 Issue 5, p52 

    The article discusses the global financial crisis that began in 2007. Though widely blamed on the subprime mortgage crisis in the United States, the recession is instead seen as the result of long-term structural factors in world capitalism, including declining economic growth rates, rising...

  • The Keynesian Revival: a Marxian Critique. Wolff, Richard D. // Alternate Routes;2011, Vol. 22, p103 

    The global economic crisis, unfolding since late 2007, has begun to undermine the hegemony of neoclassical economics and neo-liberalism generally, thereby provoking a widespread resurgence of Keynesian economics in various forms. The historical adequacy of Keynesian economics to modify, reverse...

  • From financing labour to labouring finance: subjectivity in financial times. Magnani, Elisabetta // Cosmopolitan Civil Societies: An Interdisciplinary Journal;2013, Vol. 5 Issue 2, p129 

    The global economic crisis offers a powerful instance of how financial shocks shape the biosphere at the intersection of labour and life. In financial times, capitalism activates two interdependent processes, a process of contamination that somehow blurs the borders between life and financial...

  • The Global Economic Crisis in the Perspective of Keynesian Business Cycle Theory. Cheng Ge; Zhen Liu // International Business Research;Apr2010, Vol. 3 Issue 2, p21 

    As a starting point, the article reviews Keynesian business cycle theory and identifies the cause of economic crisis to blind investment and lack of demand. The article also indicates that fundamentally, the 1929 Great Depression and current global economic recession are the inevitable outcomes...

  • Contradictions of Finance Capitalism. PEET, RICHARD // Monthly Review: An Independent Socialist Magazine;Dec2011, Vol. 63 Issue 7, p18 

    The article discusses the origins, historical development, and negative impact of globalized finance capitalism. The author begins by characterizing capitalism under the Keynesian economic order, which sought income growth for all, and then contrasts this with the nature of capitalism under the...

  • Limits of Policy Intervention in a World of Neoliberal Mechanism Designs: Paradoxes of the Global Crisis. Dymski, Gary A. // Panoeconomicus;Sep2011, Vol. 58 Issue 3, p285 

    The current global context poses several paradoxes: the recovery from the 2009 recession was not a recovery; investment, normally driven by profit rates, is lagging and not leading economic activity; the crisis is global but debate involves sub-global levels; and public safety-nets, which have...

  • The revival -- and the retreat -- of the state? HA-JOON CHANG // Red Pepper Magazine;Apr/May2011, Issue 177, p34 

    The article focuses on the return of Keynianism after the global financial crisis of 2008. Economies affected by the crisis immediately parked their neoliberalism thoughts and shifted their focus back to Keynesian macroeconomic policy, particularly the economies of U.S., Great Britain and...

  • The Financialization of Accumulation. FOSTER, JOHN BELLAMY // Monthly Review: An Independent Socialist Magazine;Oct2010, Vol. 62 Issue 5, p1 

    The article discusses the distinction between accumulation, traditionally defined in economics as the formation of real capital that increases economic output, and finance, involving the intangible aspects of wealth, and how the former has become subordinate to the latter in the late 20th and...

  • THE PAUCITY OF SAVINGS AND THE GLOBAL FINANCIAL CRISIS. Smith, Peter // Quadrant Magazine;Apr2010, Vol. 54 Issue 4, p60 

    The article discusses the global financial crisis (GFC). Keynesian economists think that laissez-faire capitalism contributed to the GFC because of its tendency to generate booms and busts and its inability to maintain full employment. However, the author stresses that capitalism is the only...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics