On September 15, 2008, the storied New York investment bank Lehman Brothers collapsed. The next day, markets around the world seized. Since then, many have blamed the United States for the credit conflagration. But in the end, the US Federal Reserve rescued the global economy, writes history professor Adam Tooze in this clear, rigorously detailed and exhaustive text. That action and the geopolitical changes it wrought have led to an interdependent but “multipolar” financial system that, Tooze argues, makes the prospects for coordinated crisis responses all the more unlikely. This impressive work offers readers an overarching and sometimes alarming perspective on the world’s financial future.
About the Author
Adam Tooze is a history professor at Columbia University. He is the author of The Wages of Destruction and The Deluge.