Chapter 5: International Adjustments and Political Responses
Page 145 5. International Adjustments and Political Responses As per the more personal notes in the Introduction, the author originally decided to write this book due to his dissatisfaction with the typical textbooks in international economics, macroeconomics, and the related subjects that he teaches. These textbooks do not present the major structural changes and recent events in the global economy to his satisfaction; insufficient attention is given to financial market globalization, new trade patterns, new forms and uses of money and changes in its circulation, monetary wealth processes, and recent financial crises and recessions. Hopefully in Chapters 1–4 the author has been able to enhance the reader's understanding of these topics. It is not only the conventional economic theory regarding these topics with which the author is dissatisfied. He also finds (and dare he say) that the major ‘players’ who work very closely with the evolving markets — the Group of Seven (G7), central banks, the World Bank, the International Monetary Fund (IMF), various national policymakers, etc. — also seem somewhat naïve or at least too dismissive about these particular topics. For example, in a review of the first edition of this book, a member of the Federal Reserve Board concluded that the author ‘grossly overstates [that financial globalization] is the principle cause and explanation of various events that Allen exaggeratedly refers to as ‘‘crises”’.1 This comment was made in full light of the ‘lost decade’ and 50 percent decline in standard of living during the 1980s in much...
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