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Título: The System Worked
Subtitular: How the World Stopped Another Great Depression
Autor: Daniel W. Drezner
Narrador: Charles Constant
Formato: Unabridged
Duración: 7 hrs and 31 mins
Idioma: Español
Fecha de publicación: 09-10-14
Editor: Audible Studios
Calificaciones: 4 de 5 de 1 votos
Categorías: Nonfiction, Economics

Resumen del editor:
International institutions, from the International Monetary Fund to the International Olympic Committee, are perceived as bastions of sclerotic mediocrity at best and outright corruption at worst, and this perception is generally not far off the mark. In the wake of the 2008 financial crash, Daniel W. Drezner, like so many others, looked at the smoking ruins of the global economy and wondered why global economic governance structure had failed so spectacularly, and what could be done to reform them in the future. But then a funny thing happened. As he surveyed their actions in the wake of the crash, he realized that the evidence pointed to the exact opposite conclusion: global economic governance had succeeded.
In The System Worked , Drezner, a renowned political scientist and international relations expert, contends that despite the massive scale and reverberations of this latest crisis (larger, arguably, than those that precipitated the Great Depression), the global economy has bounced back remarkably well. Examining the major resuscitation efforts by the G-20, IMF, WTO, and other institutions, he shows that, thanks to the efforts of central bankers and other policymakers, the international response was sufficiently coordinated to prevent the crisis from becoming a full-fledged depression. Yet the narrative about the failure of multilateral economic institutions persists, both because the Great Recession affected powerful nations whose governments managed their own economies poorly, and because the most influential policy analysts who write the books and articles on the crisis hail from those nations. The System Worked is a vital contribution to our understanding of an area where the stakes could not be higher.

Opiniones de los miembros:
A very interesting book, an important message
The book has a couple of great merits. The first and main one is to leverage the outstanding work of Eichengreen and OâRourke (A Tale of Two Depressions, a short paper issued in early 2009) to essentially benchmark the Great Recession vs. the Great Depression. The second one is to demonstrate that contrary to everything you read in the press âThe System Workedâ actually pretty well.
In other words, just about everything you will read in this book is somewhat counterintuitive and counter establishment. That is at least relative to how those various technical subjects have been treated by the Media.
No one in the Media conveyed that the onset of the Great Recession was actually much more severe than the Great Recession. The author leveraging Eichengreen and OâRourke work shows that in the first year of those two economic shocks, the Great Recession actually experienced a marginally more severe downturn in global industrial output, a far more severe decline in global trade flows, and even a drastically more severe downturn in global stock markets! The last one is the real shocker. In the first 12 months of the Great Depression (from June 1929 over next 12 months), the stock market had held up reasonably well and had lost only 6% of its market cap value. It is only over next two years that it will lose eventually 70% of its market value. Meanwhile, in the Great Recession (from April 2008 over the next 12 months, it will lose already 45% of its market value in the very first year (vs.