The Anatomy of Financial and Economic Crisis
The Gildersleeve Lecture at Barnard College, April 17, 2009. The talk investigates the theory of financial and economic crises as a social coordination problem. It discusses the origins of the 2007-8 crises in financial fragility and global structural instability of capital movements and effective demand. The talk ends with suggestions for a new regime for the global economy based on fixed exchange rates, capital movement controls, and political regulation of key prices.