ABSTRACT
Financial crises have existed since at least the thirteenth century, and they come in many forms. A debt crisis is one type of financial crisis that occurs when some major debtor states lack foreign exchange to pay the interest and/ or principal on their debt obligations. This chapter compares and contrasts four major financial crises: the 1980s foreign debt crisis, the 1990s Asian financial crisis, the 2008 global financial crisis, and the European debt crisis. The first two crises began in the South; the second two crises we examine began in the North. These four crises all demonstrate the degree to which globalization and interdependence have increased in the IPE, and they also provide an indication of changing global power relations.
