Financial Crisis An Opportunity for a New Global Order: Briefing Paper #19
The financial crisis has shaken confidence in the global monetary system to its core. No country has escaped its consequences which include rising levels of poverty, hunger and unemployment. The World Council of Churches invited John Dillon, Economic Justice Program Coordinator at KAIROS, to submit a paper on the origins of the financial crisis to its Advisory Group on Economic Matters. An updated version of this paper is now available for downloading. The study examines how excessive speculation made possible by financial innovation and the absence of a cooperative financial order set the stage for the crisis. The paper discusses some viable proposals for a new international monetary system to prevent future crises.
KAIROS Policy Briefing Paper #19: Financial Crisis An Opportunity for a New Global Order (November 2009)