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Overcoming the First Crisis of Globalization
Simon and Schuster
December 2010
On Sale: December 7, 2010
336 pages
ISBN: 1451624050
EAN: 9781451624052
Hardcover
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Non-Fiction
The international financial crisis that has held our
global economy in its grip for too long still seems to be in
full stride. Former British Prime Minister and Chancellor of
the Exchequer Gordon Brown believes the crisis can be
reversed, but that the world’s leaders must work together if
we are to avoid a decade of lost jobs and low growth.
Brown speaks both as someone who was in the room
driving discussions that led to some crucial decisions and
as an expert renowned for his remarkable financial acumen.
No one who had Brown’s access has written about the crisis
yet, and no one has written so convincingly about what the
global community must do next in order to climb out of this
abyss. Brown outlines the shocking recklessness and
irresponsibility of the banks that he believes contributed
to the depth and breadth of the crisis. As he sees it, the
crisis was brought on not simply by technical failings, but
by ethical failings too. Brown argues that markets need
morals and suggests that the only way to truly ensure that
the world economy does not flounder so badly again is to
institute a banking constitution and a global growth plan
for jobs and justice. Beyond the Crash puts
forth not just an explanation for what happened, but a
directive for how to prevent future financial disasters.
Long admired for his grasp of economic issues, Brown
describes the individual events that he believes led to the
crisis unfolding as it did. He synthesizes the many
historical precedents leading to the current status, from
the 1933 London conference of world leaders that failed to
resolve the Great Depression to the more recent crash in the
Asian housing market. Brown’s analysis is of paramount
importance during these uncertain financial times. As
Brown himself said of his ideas for the future, “We now live
in a world of global trade, global financial flows, global
movements of people, and instant global communications. Our
economies are connected as never before, and I believe that
global economic problems require global solutions and global
institutions. In writing my analysis of the financial
crisis, I wanted to help explain how we got here, but more
important, to offer some recommendations as to how the next
stage of globalization can be managed so that the economy
works for people and not the other way around.
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