Preface

The global financial crisis has exposed serious weaknesses not only in the world economy but also in global economic governance. Fortunately, a remarkable spirit of multilateralism has prevailed in the responses to this upheaval. Countries have refrained, by and large, from resorting to protectionist measures. Governments have enacted stimulus packages, kept interest rates low and provided additional finance to the International Monetary Fund and the World Bank that is aimed at helping countries in need. These efforts stand in sharp contrast to the approach of the 1930s, when beggar-thy-neighbour policies had pushed the global economy into a prolonged depression and deepened the political crisis that led to the Second World War.

Related Subject(s): Economic and Social Development