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14 The Western Slump and Global Reorganization

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Chapter Summary

This chapter discusses several measures, mostly requiring multilateral action, by which the tendency towards deficient aggregate demand might be more permanently countered and fuller global employment sustained. If some or all of them were put into effect they would help stabilize the system by preventing countries from running external surpluses and deficits without limit. The chapter starts with the current crisis and the politics of reform. It shows, first, how reform momentum has dissipated, while the changes in the US and international financial regimes brought about by the crisis make the evolving system even more prone to regional or global crises than before. The chapter also shows how the national and international public policy response to the East Asian crisis of 1997-99 helped to create the conditions for the present crisis.

Keywords: East Asian crisis; global reorganization; international financial regimes; Western Slump

10.1163/9789004260511_016
/content/books/b9789004260511_016
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