The System Worked_How the World Stopped Another Great Depression
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debt-to-GDP ratio, 70, 168
Deepwater Horizon, 94
deleveraging, 73, 92, 98, 101, 125, 127
deficit spending, 64, 125, 164–73, 177
deregulation, 78, 83, 143, 153
derivatives, 84
Detert, Neal, 81
Deutsche Bank, 90, 99
Dodd-Frank, 91, 134
Doha Round, 8, 12, 15, 28–29, 39, 42, 51–52, 58, 108, 133, 144, 180, 186
double-dip recession, 29, 73, 170, 185
East Asia Summit, 188, 190
economic growth, 15, 24, 32, 34, 36, 45, 58, 68–72, 75, 91, 93, 116, 125, 155, 157–58, 160–61, 167–68, 172, 181, 187–88, 191
economic sanctions, 103–04, 119, 134
Economist, The (newspaper), 34–35, 39, 49, 59, 61, 68, 90, 101
Edelman Trust Barometer, 69–70
efficient-market hypothesis, 143, 153 see also deregulation; liberalization
Eichengreen, Barry, 2–3, 31–34, 62, 65
Eidelman, Vera, 60, 74
El-Erian, Mohammed, 61
European Union (EU) European Central Bank (ECB), 72–73, 94, 123, 127–28, 134, 165, 167, 169–70, 173
European Commission, 30, 128, 168, 173
European Council, 128
euro (currency), 44, 65, 73, 122, 127
eurozone, 29, 42, 48, 61, 66, 70, 72–73, 75, 98–99, 118, 123–24, 127–28, 130, 151, 165, 167, 173, 185, 189
Exchange Rate Mechanism, 17
Growth and Stability Pact, 65, 165
Farrell, Henry, 83
Fannie Mae, 9
Federal Deposit Insurance Corporation (FDIC), 90
Fédération Internationale de
Football Association (FIFA), 5–6
Feldstein, Martin, 164
Ferchen, Matt, 158
Ferguson, Niall, 13, 168
Financial Action Task Force on Money Laundering, 49
financial regulation, 8, 17, 45, 58, 69, 79, 83–88, 90–97, 99–101, 113, 134, 143, 145, 182
Financial Services Forum, 94
Financial Stability Board (FSB), 46, 49, 86, 94, 133, 180
Financial Stability Forum, see Financial Stability Board
Financial Times (newspaper), 11, 13, 42–43, 59, 62, 97–98, 123, 163, 165, 169
fiscal cliff, 71, 170
Foreign Affairs (magazine), 168
foreign direct investment (FDI), 2, 36, 38, 45, 114, 117–18, 120, 122, 126, 128, 130–31, 158, 161, 179, 189
foreign currency reserves, 104, 109, 122–24, 130–31, 138, 140
France, 9, 14, 50, 91, 95, 107, 110–11, 135, 148–49, 169, 172–73
Freddie Mac, 9
free trade agreements, 17, 27, 52, 137, 139, 188, 190
open regionalism, 52, 190
spaghetti bowl, 188
Frieden, Jeffry, 4, 12
Friedman, Thomas, 13, 146
Fukushima, 70
Fukuyama, Francis, 144, 146, 191
Gallup, 72, 144, 151
Garrett, Geoffrey, 47
Gates, Bill, 61
Geithner, Timothy, 48, 86, 133 see also US Treasury Department
General Agreement on Tariffs and Trade (GATT), see WTO
Germany, 9, 45, 59, 64, 73, 81, 95, 107, 110–11, 116, 126–27, 142, 148–49, 165–70, 172–73, 185
Bundesbank, 61, 173
Gilpin, Robert, 113
global reserve currency, 121–22, 127, 185
global political economy, 10, 15, 21–22, 30, 56, 63, 68–70, 74–75, 79–80, 83–84, 105–06, 108, 113, 123, 128, 136, 155, 181, 183–84, 186
Global Trade Alert, 39, 41, 52
gold standard, 60, 63, 65, 107, 140, 154, 187
Goldman Sachs, 62, 88, 94, 105, 149, 184
Goldstein, Judith, 153
Gourevitch, Peter, 104–05
governance reform, 11, 17, 31, 78, 96, 133, 149–150
Great Depression, 1, 4, 12, 23, 31–34, 38, 41, 43, 66, 140, 153, 175, 178, 183, 186
1929 stock market crash, 2–4, 12, 14, 32–34, 54, 178–79
1933 London Conference, 12, 178
Great Moderation, 163–64
great power politics, 9, 15–18, 20, 22–23, 29–30, 36, 44, 47–48, 54, 56, 74–75, 78–79, 105–108, 117, 123–24, 126, 129–132, 134, 138, 140–41, 144–45, 162, 179–180, 182–83, 185, 187, 190
Greece, 29, 72–73, 127, 167
Group of Seven (G7), 8, 26, 43, 47, 49, 60–61, 64–65, 108, 112, 150, 169
Group of Eight (G8), 47, 180
Group of Twenty (G20), 2, 12, 15, 17–18, 22, 25, 28–29, 34, 39–41, 44–49, 52, 55–56, 58–59, 61–63, 85, 87–88, 91–92, 95, 100, 109, 131, 133–35, 137–138, 142, 145, 147–48, 150–51, 155, 164, 166, 169, 179, 180
2008 Washington summit, 25, 87
2009 Pittsburgh summit, 47, 88, 148
2009 London summit, 48, 145
2010 Toronto summit, 17, 29, 45, 48, 133, 139, 169
2010 Seoul summit, 46, 91
2012 Los Cabos summit, 48
Framework for Strong, Sustainable, and Balanced Growth, 48, 147
Gutner, Tamar, 30
Haass, Richard, 13, 173
Hale, Tom, 12
Halper, Steven, 146, 157
hedge fund, 83–84
hegemon, 5, 63, 66, 76, 105–09, 121, 123, 126, 131, 133–34, 147, 164
coalition, 107–08, 129, 132, 139–40, 183
stability theory, 12, 106
Held, David, 12
Heritage Foundation, 35, 39–40, 151
Hildebrand, Philipp, 62
Hirschman, Albert, 78
Hobbes, Thomas, 188
Iceland, 44, 82
Ikenberry, John, 56, 79, 184
India, 6–9, 49, 53, 62, 108, 111, 115–18, 120–25, 130–32, 149, 183, 186
Indyk, Martin, 11
inequality, 37, 157, 160, 188
Institute for Economics and Peace, 37
Institute for International Finance (IIF), 90–94, 99
institutionalism, 17, 25, 83–84, 87, 107
Inter-American Development Bank, 124, 190
interdependence, 23, 79, 82
interest rates, 42–43, 59, 61–62, 65, 73, 82, 91, 134, 161, 169–70, 179
International Atomic Energy Agency (IAEA), 103
International Chamber of Commerce, 94
International Energy Agency (IEA), 7, 190
International Labor Organization (ILO), 2
International Monetary Fund (IMF), 1–2, 5, 7–8, 12, 22, 26, 32, 44–45, 49–51, 53, 55–56, 59, 63–64, 72–73, 84, 98, 101, 108–09, 115, 117, 119, 127, 133–36, 138–39, 142, 155–56, 164, 166, 168, 172, 174, 179–80, 182
quota reform, 50, 73, 133–34, 138, 180
International Olympic Committee (IOC), 5
International Organization of Securities Commissions (IOSCO), 46
interwar period, 12, 78, 107, 140
Iran, 46, 103–04, 119, 134
Italy, 73, 111, 126–27, 148, 151, 172–73
Jacques, Martin, 146, 157
Japan, 44, 61, 64–65, 68, 70, 73–75, 81, 91, 93, 95, 107, 109–11, 114–24, 129–30, 132, 148–49, 156, 182, 186, 188
Jentleson, Bruce, 14
Johnson, Simon, 84, 87, 97
Johnston, Iain, 139
Jones, Bruce, 133
J.P. Morgan (bank), 60–61, 90, 94, 96
Kagan, Robert, 11, 189
Kahler, Miles, 49, 152, 156
Kennedy, John F., 177
Kennedy, Scott, 158
Keohane, Robert, 25, 153, 183
Keynes, John Maynard, Kindleberger, Charles, 12, 20, 38–39, 44, 66, 106, 179, 183
Kissinger, Henry, 6
Knightian uncertainty, 153
Krasner, Stephen, 25, 107
Krauthammer, Charles, 173
Krugman, Paul, 38, 168, 171
Kupchan, Charles, 13
Kwak, James, 87
Lake, David, 80
Layne, Christopher, 13, 123
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nbsp; Legatum Prosperity Index, 34, 112, 125
Lehman Brothers, 10, 17, 21–22, 52, 82, 86, 90, 100, 108, 183
Leonard, Mark, 11
leverage, 8, 35, 87–89, 101
Li Keqiang, 159–161, 163
liberalism (ideology), 14, 19, 22
liberalization
free markets, 145, 147–48, 150–51, 162, 175
free trade, 39, 107, 144, 147, 149–51, 160, 175
laissez-faire policies, 19–20, 150, 175
Lindsey, Lawrence, 164
liquidity, 38, 65, 89, 92, 97, 179
crisis, 42, 44, 54, 72, 86, 89, 134, 177–79
requirements, 86, 88–90, 92, 95–99, 101
Lucas, Robert, 164
macroeconomic imbalances, 8, 12, 47, 49, 133–35, 137, 169, 182, 185
Mahbubani, Kishore, 9, 69
Malloch-Brown, Mark, 11
Marshall Plan, 64
Mastanduno, Michael, 13
Mankiw, N. Gregory, 164
Mann, Thomas, 72
Martin, Lisa, 25
Mazower, Mark, 12
McKinsey Global Institute, 2, 35, 137
McNally, Christopher, 138
Mearsheimer, John, 184
Merkel, Angela, 165–66, 173
Mexico, 8, 44, 108, 110–12, 148–49
mortgage-backed securities, 9, 89, 97, 176
Naím, Moisés, 14
Nathan, Andrew, 146
National Bureau of Economic Research (NBER), 167
neoliberalism, 140, 143, 145–46, 151–53, 155, 158–59, 162–64, 174, 183, 185–86 see also Washington
Consensus New International Economic
Order, 19, 152
New York Times, 97, 99, 145, 161
North American Free Trade Agreement (NAFTA), 144
Newman, Abraham, 83
Nye, Joseph, 113
Obama, Barack, 71, 133, 135, 144, 169
oil, 6–7, 17, 94, 103–04, 146, 190
open economy politics (OEP), 22, 80, 82, 84, 87, 181, 184
Organization for Economic Co-operation and Development (OECD), 7, 45, 52, 68–69, 81–82, 105, 117, 119, 121, 125, 128, 167–68, 180, 185
Organization of Petroleum Exporting Countries (OPEC), 64, 108
Ornstein, Norman, 72
O’Rourke, Kevin, 2–3, 31–34
Pakistan, 44, 110–11, 138, 148–49
Patrick, Stewart, 11
Paulson, Henry, 9–10, 88, 176 see also US Treasury Department
Peterson Institute for International Economics (PIIE), 137
Pettis, Michael, 12
Pew Global Attitudes Survey, 109, 112, 147, 172
piracy, 17, 36–37, 46–47, 132–33, 136–37, 139, 180, 182
polarity, 14, 188
policy coordination, 2, 4, 7, 10, 15, 17, 24–28, 31, 42–45, 47, 49, 54, 57, 64–66, 75, 78, 90, 95, 100, 107, 113, 127, 133–37, 155, 175, 178–79, 190
political voice, 78
power
constraints on, 5, 13, 27, 80, 85, 113, 127–29, 133, 137–38, 160, 169–70, diffusion of, 13–14, 105, 107–08, 113, 140
distribution of, 12, 16, 18, 30, 50, 54, 57, 66, 76, 105–09, 112, 116, 118, 120–21, 123–24, 130, 132, 139–41, 180–81, 184, 186, 189, 191
soft, 113, 185
spoiler, 13, 19, 23, 106–07, 132, 136, 139, 141, 155, 184
supporter, 19, 23, 51, 106–07, 132, 136–37, 139–40, 142, 155, 182
privatization, 143
procyclical lending, 35, 38, 46, 85, 89–90
protectionism, 4, 20, 37–38, 43, 54, 82, 85, 100, 144–45, 148, 152,
investment, 45, 136, 161, 178
trade, 17, 28, 39–42, 52–53, 56, 64, 77, 79, 85, 100, 137–38, 147, 150, 153, 178–79
public goods, 12–15, 39, 44, 57, 74, 77, 106–07, 178, 183
quantitative easing, 43, 59, 61–62, 125, 134, 154, 164–65, 173–74, 179, 185
Quiggin, John, 152
Ramo, Joshua Cooper, 157
ratings agencies, 71, 98, 114, 124–25, 127–28
Ratner, Ely, 12
realism (ideology), 14, 22
Red Cross, 172
regulatory capture, 84, 87, 91–92, 94, 97, 99
remittances, 34, 36, 38, 179, 189
Reinhart, Carmen, 38, 167–70, 172–73
revisionism, 13, 24, 107, 136, 138–39, 145, 182
Rey, Hélène, 119
Rodrik, Dani, 12, 16, 51, 101–02
Rogoff, Kenneth, 38, 164, 167–70, 172–73
Samans, Richard, 11
Santiago Principles, 45, 135–36
Scarborough, Joe, 173
Schwab, Klaus, 11
Schweller, Randall, 14, 149
Scobell, Andrew, 146
Scowcroft, Brent, 63
Securities and Exchange Commission (SEC), 66, 83
sequestration, 71–72, 170, 173
Shambaugh, David, 156
Sharma, Ruchir, 184
Simpson-Bowles Commission on Fiscal Responsibility and Reform, 168
Singapore, 44, 135
Skidelsky, Robert, 171
Smith, Ben, 177
Society for Worldwide Interbank Financial Telecommunication (SWIFT), 103
Soros, George, 186
South Africa, 108, 110–11, 149
South Korea, 44, 49, 59, 81, 103, 110, 117, 135, 148–49, 156, 188
sovereign debt crisis, 29, 44, 61, 72–73, 98, 127, 155, 167–68, 170, 174, 179
sovereign wealth funds, 45, 135–36, 144, 146, 180
Spain, 29, 73, 110–11, 148–49, 151, 172–73
stagflation, 78
Standard & Poor, 71, 84, 125–26, 176
Starrs, Sean, 120–21
state capacity, 113, 128–31
state capitalism, 13, 146
state-owned enterprises, 45, 145, 155, 157–58, 161–62
Steinbrück, Peer, 9, 165–66
Stiglitz, Joseph, 38
stimulus
fiscal, 28–29, 42, 45, 70, 73, 133–34, 142, 146, 155, 161, 163–66, 169–70, 172–73, 179
monetary, 28–29, 45, 62, 70, 73, 155, 164 (see also quantitative easing)
Stockholm International Peace Research Institute (SIPRI), 123
Stokes, Doug, 122
Strange, Susan, 113
subprime mortgages, 2, 7–9, 45, 53, 70, 85, 99, 108, 144, 153
Subramanian, Arvind, 69, 186, 189–90
Summers, Lawrence, 164
supply chain, 80–82, 84–85, 100, 181
Swiss Economic Institute (KOF), 34–35, 39, 85
Switzerland, 42–43, 95
Taiwan, 59, 81, 188
Themnér, Lotta, 37
Thompson, Alexander, 30
Tier I capital, 88–89, 91–92, 99
too big to fail, 20, 58
Transatlantic Trade and Investment Partnership, 52, 187
Trans-Pacific Partnership, 52, 187, 190
Troubled Assets Relief
Program (TARP), 134, 176–78, 186
Triffin dilemma, 64
unemployment, 2, 29, 37–38, 67–68, 72, 91, 172–73, 177
United Arab Emirates, 135
United Kingdom (UK); also Great Britain, 10, 12, 42, 82, 95–99, 107, 118, 140, 145, 166, 170–71
Bank of England, 173
Financial Services Authority (FSA), 10
United Nations (UN), 4–5, 12, 26, 68
Millennium Development Goals (MDG), 34
Conference on Trade and Development (UNCTAD), 36
Development Program (UNDP), 34
Environmental Program (UNEP), 26
Security Council (UNSC), 46, 103, 139
United States of America
Congress, 13, 48, 50, 70–72, 83, 134, 144–45, 170, 173, 176–77
Congressional Budget Office (CBO), 172
dollar, 8, 48, 59, 64–65, 70, 108–09, 114, 121–22, 125, 127, 134, 137–38, 142, 145, 147, 182
Federal Reserve, 10, 59, 62, 66, 71, 119, 125, 133–34, 145, 164, 176–78, 185
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National Intelligence Council, 22, 109
trade deficit, 65, 81, 171
Treasury Department, 9–10, 48, 86, 88, 124, 135, 176
v-shaped recovery, 38
value added, 81–82, 119–21, 130–31, 146, 157
Wall Street Journal, 86, 92, 136
Wallensteen, Peter, 37
Wang Jisi, 112, 146
Washington Consensus, 13, 18–19, 140, 143–47, 150, 152, 154–58, 163, 171, 174–75, 182–83
Weber, Steven, 12
Wells Fargo, 90
Wen Jiabao, 159, 162
Wilf, Meredith, 92
WikiLeaks, 13, 105
World Bank, 5, 12, 34, 44, 49–51, 55, 63, 84, 116, 124, 128, 138, 142, 150, 156, 160, 179–80
World Economic Forum (WEF), 11, 125, 128
World Trade Organization (WTO), 2, 7, 12, 18, 22, 26, 28, 29, 39–42, 49, 51–53, 55–56, 64, 69, 81, 85, 117, 119–20, 137–38, 141, 144, 155, 160–61, 179–80, 182, 186–87
antidumping, 39–40, 64
countervailing duty, 40, 64
Government Procurement Agreement (GPA), 42, 161 see also Doha Round
Xi Jinping, 160
Xiaoyu Pu, 159
Young, Kevin, 12, 94, 96
Yuqing Xing, 81
Zaring, David, 12
Zedillo, Ernesto, 12