KAIROS Briefing Paper #19: Financial Crisis An Opportunity for a New Global Order
The current financial crisis has created an exceptional opportunity for transforming the global economic order. In this report we shall first explore the proximate causes of the crisis that began with excessive speculation in the US housing and financial markets. In Part II we shall examine how global imbalances and the absence of a cooperative financial order set the stage for the crisis and continue to make the system crisis prone. Thirdly we shall discuss how viable proposals for a new international monetary system have emerged from the crisis.