What is the name of the book? Michael Lee. 2020. From Malaise to Meltdown: The International Origins of Financial Folly, 1844-. (Toronto, Canada: University of Toronto Press). What’s the argument?  Great-power competition over financial primacy is responsible for a number of severe financial crises, including, the Long Depression of 1873-1896, the Great Depression of 1929-1939, and the financial crises of the late 90s and 2000s). Why is this the case? Financial hegemony brings with it substantial benefits, most notably reserve currency status. In order to successfully compete, rising...

read more