The Global Risks and Problems of the Economic and Financial Systems

Levent Sümer ()
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Levent Sümer: Boğaziçi University

Chapter Chapter 4 in The World Economy and Financial System, 2023, pp 53-86 from Springer

Abstract: Abstract The main flaw of the global finance industry is its debt-oriented structure. The global debt has continuously been increasing, breaking records every new year, and putting risks on the economy worldwide. The COVID-19 pandemic slowed down economic activities, high inflation resulted in the loss of purchasing powers and wealth and widened inequality, rising interest rates which increased the risk of another global recession, redefinition of globalization under the ongoing trade wars, Brexit and post-pandemic policies, and finally, the political conflicts determining the economic decisions of many states are standing the most critical issues to be resolved by the politicians and economists to create a sustainable financial ecosystem. This chapter explains these risks and their potential consequences in detail.

Date: 2023
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DOI: 10.1007/978-3-031-27530-2_4

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