Watch as financial institutions take tried-and-tested tools mortgages and derivatives and, prodded by government policy, push them beyond the bounds of prudent risk-taking, sparking the greatest recession since World War II. Identify other contributing factors to the Great Recession, which started in late 2007. Ask why major institutions failed so spectacularly. This video comes from the course International Economic Institutions: Globalism vs. Nationalism. You can watch the rest of the course and start your FREE trial of The Great Courses Plus by going to our website here: www.TheGreatCoursesPlus.com/show/international_economic_institutions_globalism_vs_nationalism?utm_source=US_OnlineVideo&utm_medium=SocialMediaEditorialYouTube&utm_campaign=152667 About the Course: To see how economic mistakes can repeat time and again, you need look no further than recent history. The Great Depression was the result of a combination of protectionism, populism, and nationalism that combined with bad government policy to make a toxic brew that mired the U.S. and much of the world in an economic downturn for nearly a decade, with effects comparable to a major war. Less than a century later, the Great Recession of 2007-2008 brought a repeat of the financial devastation of its precursor, even if some of the circumstances leading to it had changed with the times. Similar events can be traced throughout other parts of the world, as exemplified by the Greek debt crisis that resulted when the nation gave up the ability to set its own monetary policy as it joined other nations linked by the euro as common currency. These collapses demonstrate how easy it is to assume large-scale economic failures are isolated, both historically and geographically, when in fact they are immersed in long-standing philosophies and can have immense global ramifications. However, national economies are so complex and their ties to other nations are so numerous that it can be hard to know what lessons to draw from any given crisis. That’s where international economic institutions come in. Since the end of the Great Depression and World War II, bodies such as the World Trade Organization, International Monetary Fund, World Bank, and G-20 have sprung up with a variety of missions, including promoting trade, ensuring financial stability, eradicating poverty, and advancing sustainable economic growth. Included among these goals is the ultimate aim: preventing a descent into worldwide economic chaos, which could easily lead to war. But while such organizations are trying to knit the world more tightly together, in many countries the voices of populism and nationalism are objecting that the price is too high, that traditional livelihoods and customs are being irretrievably lost. Furthermore, such organizations have the failings common to all human institutions. Do they really work? Have some saved us from disaster? Are we better off without others? What is the best route to prosperity, and do these groups help smooth the way or obstruct it? International Economic Institutions: Globalism vs. Nationalism uses these influential organizations as a lens to study today’s globalized economy. In 24 eye-opening half-hour lectures, award-winning teacher and economist Professor Ramon P. DeGennaro of the University of Tennessee, Knoxville, conducts you through the dizzying array of groups, their backgrounds, goals, and the important roles they play in the economic life of the entire world. In a lively and fascinating presentation that covers major principles of political economy, international finance and trade, and macroeconomics, Professor DeGennaro analyzes these organizations in depth to reveal their strengths and weakness. In the process, he presents a panoramic portrait of globalization with all its intriguing connections. Learn more about this course and start your FREE trial of The Great Courses Plus here: www.TheGreatCoursesPlus.com/show/international_economic_institutions_globalism_vs_nationalism?utm_source=US_OnlineVideo&utm_medium=SocialMediaEditorialYouTube&utm_campaign=152667 Don’t forget to subscribe to our channel – we are adding new videos all the time! www.youtube.com/subscription_center?add_user=TheGreatCourses

Be the first to comment