This title was first published in 2002: As the twenty-first century began, it was easy to assume that the reforms to the international financial system undertaken in the last half of the 1990s were adequate to the core tasks of ensuring stability, sustained growth and broadly shared benefits in the world economy. That comfortable consensus has now been shattered. This volume critically assesses fundamental issues including: -the elements and adequacy of recent G7-led efforts at international financial reform -current causes of and prospects for growth in the new global economy -the challenges of crisis prevention -private sector participation and IFI responsibilities -the world’s monetary supply and sovereignty in the face of market forces. These key topics are examined by leading economists and scholars of political economy from both academic and policy communities in G7 countries, making it an essential addition to the collections of all those concerned with the challenges facing the world economy in the coming years.

chapter 1|23 pages

Introduction, Summary, and Conclusions

ByMichele Fratianni, Paolo Savona, John J. Kirton

part I|48 pages

Governing Global Finance: The G7's Contribution

part II|27 pages

Generating Growth in the Global Economy

chapter 4|11 pages

The G7's Contribution to Global Economic Growth: An Agenda

ByAndreas Freytag

chapter 5|13 pages

Japan, Asia, and the Rebuilding of the Financial Sector

ByTakashi Kiuchi

part III|63 pages

Assembling A New International Financial Architecture

chapter 6|13 pages

Problems and Reforms of the International Monetary System

ByDominick Salvatore

chapter 7|26 pages

One Region, One Money: The Need for New Directions in Monetary Policies

ByGeorge M. von Furstenberg

part IV|31 pages

The Need for New Directions

chapter 9|9 pages

Crisis Prevention and the Role of IMF Conditionality

ByGiorgio Gomel

chapter 10|7 pages

On Some Unresolved Problems of Monetary Theory and Policy

ByPaolo Savona

chapter 11|11 pages

Britain, Europe, and North America

ByAlan M. Rugman, Alina Kudina