Introduction

This introductory chapter lays out the premise for the rest of the volume, which draws from the analysis of the current crisis to make a fairly comprehensive and ambitious set of policy proposals in the fields of national and global regulation, national macroeconomic management, and reform of the world monetary system. At the time of sending the book to the press, debates on national and global policy responses to the crisis were quite active. Some interesting initiatives have been put forth, such as the renewed issuance of Special Drawing Rights (SDRs), and steps towards better international...

This introductory chapter lays out the premise for the rest of the volume, which draws from the analysis of the current crisis to make a fairly comprehensive and ambitious set of policy proposals in the fields of national and global regulation, national macroeconomic management, and reform of the world monetary system. At the time of sending the book to the press, debates on national and global policy responses to the crisis were quite active. Some interesting initiatives have been put forth, such as the renewed issuance of Special Drawing Rights (SDRs), and steps towards better international regulation. However, many concerns remained as to the adequacy of the fiscal stimulus throughout the world and the unsettled position of banks in industrial countries, but particularly in the United States.