The Global Economic Order
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The Global Economic Order

The International Law and Politics of the Financial and Monetary System

Elli Louka

Exploring in depth the institutions that underpin the global economy, this study provides invaluable insights into why a minimum economic order has endured for so long and why states are unwilling to establish a maximum order, a global safety net for all. The author investigates how debt – a critical component of states’ economic infrastructure – leads to debilitating crises, and how these crises undermine the economic autonomy and political independence of states. 
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Chapter 12: The 2008 financial crisis

Elli Louka

Abstract

We examine in this chapter how the G-20 and the BRICS dealt with the global financial crisis through a number of summits and how the initial impetus for cooperation and the strengthening of the international economic architecture slowly fizzled out. The front of unity that led to many unprecedented reforms of the global economic system was subsequently replaced by new conflicts and animosities that persist until today.

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