Rarely does a book state its thesis with such simple clarity and then proceed to illuminate it. Drezner, a professor at the Fletcher School of Law and Diplomacy at Tufts University, announces in the first paragraphs that the conventional wisdom about the aftermath of the great financial crisis of 2008 is wrong. Rather than a litany of failed measures from governments and various international organizations, “global economic governance responded in an effective and nimble fashion. In short, the system worked.”
Why do so many believe that it did not? The main reason, Drezner says, is a culture of the media and the elite that nostalgically views national governments and international organizations like the I.M.F. as having worked better in the past. Not so, Drezner argues. They never worked well. But during the 2008-9 crisis, they collectively managed to stave off further crisis and restore international growth. Today, the global economy is increasing at a decent clip, and most countries outside of Europe and the United States managed to avoid the crisis’s worst effects.
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