The financial crisis of 2007-9 prompted many to ask how financial systems from America and Iceland to Russia and Hungary could have been so misgoverned that their near collapse plunged the entire world into recession. Randall Germain assess what needs to be done, and by whom, to avoid a repetition of what he calls the 'great freeze'.
'Up-to-date and admirably accessible, I enthusiastically recommend this text for students as well as for specialists, policy-makers and market participants who, whether or not they agree with the author's conclusions, will find their current dilemmas, challenges, and opportunities exceptionally well illuminated.' - Louis W. Pauly, University of Toronto, Canada "A thoughtful, incisive assessment of what went wrong and how to fix it - and a timely and erudite contribution to rethinking the future of international finance." - Jonathan Kirshner, Cornell University "Only the bold make predictions in the social sciences, especially about the future. Randall Germain predicts a deglobalized and deliberalized future for finance where national imperatives trump internationalizing forces. As developing states enter the system with renewed vigor in the wake of the 2008 crisis, and the centrality of the US and the EU to the global system diminishes as this century progresses, we shall see if Germain's excellent historical analysis of past developments translates into clear foresight about our shared financial futures. My bet is that it probably will." - Mark Blyth, Brown University