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Crashed : how a decade of financial crises changed the world / Adam Tooze.

by Tooze, J. Adam.

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Global Financial Crisis, 2008-2009.

Financial crises -- Social aspects -- History -- 21st century.

9780670024933 (hc.)

xii, 706 p. : ill.; 25 cm.

Includes bibliographical references and index.

Introduction: The first crisis of a global age -- Part I. Gathering storm -- The "wrong crisis" -- Subprime -- Transatlantic finance -- Eurozone -- Multipolar world -- Part II. The global crisis -- "The worst financial crisis in global history" -- Bailouts -- "The big thing": global liquidity -- Europe's forgotten crisis: Eastern Europe -- The wind from the east: China -- G20 -- Stimulus -- Fixing finance -- Part III. Eurozone -- Greece 2010: extend and pretend -- A time of debt -- G-zero world -- Doom loop -- Whatever it takes -- Part IV. Aftershocks -- American gothic -- Taper tantrum -- "F*** the EU": the Ukraine crisis -- #Thisisacoup -- The fear projects -- Trump -- The shape of things to come.

"From a prizewinning economic historian, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today. In September 2008 President George Bush could still describe the financial crisis as an incident local to Wall Street. In fact it was a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. In the United States and Europe, it caused a fundamental reconsideration of capitalist democracy, eventually leading to the war in the Ukraine, the chaos of Greece, Brexit, and Trump. It was the greatest crisis to have struck Western societies since the end of the Cold War, but was it inevitable? And is it over? Crashed is a dramatic new narrative resting on original themes: the haphazard nature of economic development and the erratic path of debt around the world; the unseen way individual countries and regions are linked together in deeply unequal relationships through financial interdependence, investment, politics, and force; the ways the financial crisis interacted with the spectacular rise of social media, the crisis of middle-class America, the rise of China, and global struggles over fossil fuels. Finally, Tooze asks, given this history, what now are the prospects for a liberal, stable, and coherent world order?"--From publisher.

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