The System Worked: How the World Stopped Another Great Depression

By Daniel W. Drezner

Categories: Business & Money, Politics & Social Sciences

The System Worked: How the World Stopped Another Great Depression (2014) is a book by political scientist Daniel W. Drezner. Drezner argues that global economic institutions responded effectively to the 2008 financial crisis and helped prevent another Great Depression. He challenges the idea that international cooperation failed and shows where the G20, IMF and central banks mattered most. His optimistic reading contrasts with many accounts of institutional failure.

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• Fareed Zakaria: “This week's book of the week is "The System Worked: How the World Stopped another Great Depression" by Daniel Dresna. The author makes the provocative and contrarian argument that all those much maligned global institutions, the IMF, the G-20, the WTO, actually performed brilliantly during the global financial crisis and they've rescued the world from a total economic collapse. Policy makers acted quickly, nimbly and coordinated with one another, it's a rare and convincing story in which bureaucrats and politicians come off pretty well.”