The Long Run: A New History of the International Financial System, (Hardcover)

<p><b>A bold new history of global finance over seven centuries--and what its long evolution reveals about the future of the world economy</b></p><p>The twenty-first century has been marked by what many see as unusual instability in global finance--negative interest rates, geopolitical tensions, and unprecedented market interventions. What if these developments are not an aberration but rather a return to deeper historical patterns?</p><p>In this ambitious new history, Paul Schmelzing draws on thousands of archival sources to reconstruct the evolution of the international financial system from the Renaissance to today. He shows how long-run trends in interest rates and asset markets helped shape our modern system--and how those trends may now be reversing.</p><p>That system took form during the upheavals of the sixteenth century, when governments--starting with the Habsburg Empire--emerged as the world's most trusted borrowers and their debt became the foundation of modern markets. Over time, this arrangement culminated in America anchoring the international financial order.</p><p>Now, that long-standing order is eroding. As debt rises, financial pressures mount, and China's economic trajectory converges with the West's, the world could be entering a new era of instability--one that, in key respects, echoes the financial system that existed before 1550.</p>

• The Long Run: A New History of the International Financial System, (Hardcover)
• Author: Paul Schmelzing
• ISBN: 9780300259261
• Format: Hardcover
• Publication Date: 2027-04-20
• Page Count: 512