A Brief History of Economic and Global Financial Systems

Levent Sümer ()
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Levent Sümer: Boğaziçi University

Chapter Chapter 2 in The World Economy and Financial System, 2023, pp 15-27 from Springer

Abstract: Abstract This chapter starts by defining the past economic systems. Beginning from feudalism, mercantilism, capitalism, socialism, and other alternative or responsive systems were briefly described. From Adam Smith to John M. Keynes, the effects of industrialization on the economic systems, the increase in inequality, and the effects of wars on shaping the economic decisions of politicians were discussed. Different forms of capitalism were criticized and the need for an alternative system was underlined in light of futile attempts of nations aiming to amend the capitalist approach by adopting it per the requirements of the current century. In that context, the flaws of the global financial system were also described by briefly traveling through the history of finance.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-27530-2_2

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DOI: 10.1007/978-3-031-27530-2_2

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