Overview

Following a series of crises of exceptional gravity, in 2008, the world economy entered a phase of high and growing indebtedness that fragilized its system on its financial grounds. On top of this, the dramatic prospects of the cost to fight climate deregulation will weight for at least two decades on our public finances. History shows that since the time the Italian city-states invented perpetual public debt to protect their monopoly over international trade, the world has been through long cycles of indebtedness and deleveraging. Through many experiences, developed countries have limited the cases of default on their debts, however defeated countries like Germany and Japan did not escape major failures. On the other hand, many emerging countries are more prone to default due to weak financial institutions and currencies.What could we learn from these experiments for our current situation? One central point is that, without doubt, solidarity, and cooperation between all nations of the world to fight climate deregulation and to share the costs is necessary. The risks of fragmentation on these issues would be disastrous. The second central point is making large multinationals and very wealthy people take on a fair share of the burden, notably by eliminating tax heavens.

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9781036408060

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Michel Fouquin was a project manager at the National Center for Foreign Trade from 1970 to 1978, and at the Center for Prospective Studies and International Information (CEPII), France, from 1978 to 1981. He then became Deputy Director at the CEPII in September 1993, and held this position until August 2010, at which time he became scientific advisor of the same institution. He was Associate Professor in international economics at Paris 1 Panthéon-Sorbonne University, France, from 1997 until 2002, then he became Professor at the Faculty of Economic and Social Sciences at the Catholic University in Paris. He was Professor at Sciences Po, France, from 2000 until 2010, and Editor-in-chief of World Economy (La Recherche editor) from 1992 to 1996. He is a member of the scientific council of the Lyon Economics Days (JECOs), France, and Printemps de l'économie, France.

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