What Global Economic Crisis?

JOHN CORNWALL McCullough Emeritus Professor of Economics, Dalhousie University, Halifax, Canada WENDY CORNWALL Professor of Economics, Mount Saint Vincent University, Halifax, Canada PAUL DAVIDSON Holly Chair of Excellence in Political Economy, University of Tennessee, USA RAHUL DHUMALE Fellow, Faculty of the Judge Institute, Cambridge University, UK JOHN GRIEVE SMITH Fellow, Robinson College, Cambridge, UK GEOFF HARCOURT Emeritus Reader, History of Economic Thought, University of Cambridge, UK PAUL ORMEROD Director, Volterra Consulting Ltd., UK GABRIEL PALMA Lecturer, Faculty of Economics and Politics, Cambridge University, UK PASCAL PETIT Director of Research, National Centre for Scientific Research, CEPREMAP, Paris, France MALCOLM SAWYER Professor of Economics, University of Leeds, UK MARK SETTERFIELD Associate Professor of Economics, Trinity College, Hartford, Connecticut, USA AJIT SINGH Professor of Economics and Senior Fellow, Queens' College Cambridge, UK M.G. QUIBRIA Assistant Chief Economist, Development Resource Centre, Asian Development Bank, Manila, Italy JOY A. QUITAZOL Macroeconomics Consultant, Economic and Development Resource Centre, Asian Development Bank, Philippines

With unprecedented trends towards globalization (in part propelled by developments in information technology), the repercussions of economic crisis are more profound than ever before, particularly for developing countries.Economics has become an excessively esoteric discipline. Opportunities to bridge the gap between theorizing and policymaking are becoming increasingly limited. One issue of great importance to modern policymakers is the relationship between globalization and economic crisis. With unprecedented trends towards globalization (in part propelled by developments in information technology), the repercussions of economic crisis are more profound than ever before, particularly for developing countries. What Global Economic Crisis? bridges the gap between theory and policy by examining the destabilising effects of financial crises on economic growth, stability and development. It also presents some innovative ideas intended to inform the design of institutions able to foster more effective international policy coordination.