chapter  1
Introduction: what is at stake in revisiting globalization?
Pages 28

This chapter explains more directly to the theme of modern globalization. It describes some of these events and tries to assess their possible consequences and implications. The chapter shows how Central Bank (CB), led capitalism connects to the rest of the financial system, and how it is being accompanied by interesting and potentially radically different ways of assessing sovereign risk. It outlines the evolution of CB balance sheets (BS) since the financial crisis. As the political authorities abandoned activist macroeconomic management and set their treasuries and finance ministries the sole task of cutting public expenditure and organizing for austerity, the CB's took up any management of the economy that was permissible, or that they could get away with. The legacy CB's such as the US Federal Bank (US Fed), the European Central Bank (ECB) and the Bank of England (BoE) inherited as they faced the consequences of financial meltdown and monetary turmoil in the wake of the crisis.