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Fourteen Points for the Twenty-First CenturyA Renewed Appeal for Cooperative Internationalism$
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Richard H. Immerman and Jeffrey A. Engel

Print publication date: 2020

Print ISBN-13: 9780813179001

Published to Kentucky Scholarship Online: January 2021

DOI: 10.5810/kentucky/9780813179001.001.0001

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PRINTED FROM KENTUCKY SCHOLARSHIP ONLINE (www.kentucky.universitypressscholarship.com). (c) Copyright The University Press of Kentucky, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in KSO for personal use.date: 26 September 2021

The Global Economy

The Global Economy

Aligning Reforms to Reality

Chapter:
(p.197) 9 The Global Economy
Source:
Fourteen Points for the Twenty-First Century
Author(s):

Barbara Keys

Til Schuermann

Publisher:
University Press of Kentucky
DOI:10.5810/kentucky/9780813179001.003.0010

This chapter begins by exploring some of the most upsetting financial crises in recent memory and then proposes potential “shock absorbers” for the global financial system. Greater globalization and built-in redundancies are needed if we want to avoid replicating the problems of the past, and psychological resilience is required to navigate future problems. The authors propose synthetic and invasive stress tests of current financial institutions to identify possible instigators or fissure points for future financial crises, and they urge government officials to publicly acknowledge that some financial crises may be unavoidable. These mechanisms cannot completely eliminate crises, but they can better prepare the system for recovery.

Keywords:   Woodrow Wilson, financial crises, globalization, systemic vulnerabilities, financial shock, resilience, stress test

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