Abstract
This introductory chapter poses the major thesis of the book—that an entity called “the world economy” has had six crises since the 1970s to the present—, and briefly outlines the content of the following nine chapters.
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Notes
- 1.
Wallerstein (2013), “Interview with G. Williams (2013)”, Journal of World-Systems Research 19(2), 202–210.
- 2.
Wallerstein (2011), Modern World-System III: The Second Era of Great Expansion of the Capitalist World-Economy, 1730s–1840s, xiii.
- 3.
The idea that in studying macroeconomic issues the proper unit of analysis must be the national economy has a long tradition coming back to Simon Kuznets, who in the 1930s led with Wesley C. Mitchell the development of national income accounts at the NBER. For Kuznets (1966), “if the study of economic growth is oriented to policy problems, the study should be centered on units that possess the major policy-making power” (Modern economic growth: Rate, structure, and spread, 17). I have used national data for economic analyses for instance in Tapia (2017), Rentabilidad, inversión y crisis: Teorías económicas y datos empíricos) and Tapia (2013), “Does investment call the tune? Empirical evidence and endogenous theories of the business cycle”, Research in Political Economy 28, 229–259.
- 4.
Gorton (2012), Misunderstanding financial crises: Why we don’t see them coming.
- 5.
Laeven & Valencia (2008), “Systemic banking crises: A new database,” IMF Working Paper No. 08/224; Reinhart & Rogoff (2009), This time is different: Eight centuries of financial folly; Bordo et al. (2001), “Is the crisis problem growing more severe?”, Economic Policy 16(32), 51–82.
- 6.
Laeven & Valencia (2012), “Systemic banking crises database: An update,” IMF Working Paper 12/163.
- 7.
Laeven & Valencia (2012), “Systemic banking crises”.
- 8.
Schularick & Taylor (2012), “Credit booms gone bust: Monetary policy, leverage cycles, and financial crises, 1870–2008”, American Economic Review 102(2), 1029–1061.
- 9.
Romer & Romer (2017), “New evidence on the aftermath of financial crises in advanced countries”, American Economic Review 107(10): 3072–3118.
- 10.
Gorton (2012), Misunderstanding, 5, 74.
- 11.
Mitchell (1913), Business cycles, 576–579; Marx (1981), Capital: A critique of political economy—Volume 3 [1894], Parts 4 & 5.
- 12.
Sokal (2010), Beyond the hoax: Science, philosophy and culture.
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Tapia, J.A. (2023). Introduction. In: Six Crises of the World Economy. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-38735-7_1
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DOI: https://doi.org/10.1007/978-3-031-38735-7_1
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