Introduction to the book “Seven Crises Shaping Globalization”

       The book "Seven Crises Shaping Globalization" is structured into seven chapters. The book examines several major global crises from the 19th century to the present, including the crisis of the late 1840s, the simultaneous supply-demand shocks in the stock market of 1873, the era of the Great Depression (1929–1933), the 2007–2008 Global Financial Crisis, and most recently, the Covid-19 crisis. Some crises have strongly promoted markets toward cross-border integration in labor, goods, and capital markets, while others have spurred the process of de-globalization. In the book's content, the author emphasizes that crises often occur when the financial system is abused, lacks regulation, and when nations or financial institutions fail to control risks. Each crisis has led to enormous and profound changes in global economic policy, altering the structure and regulations of international finance. Furthermore, they have left many valuable lessons about the nature of financial systems, the underlying causes, and how nations and economies respond to them.