Managing Global Capitalism

Abstract

Over the last year and a half there has been a growing concern about the ability of the world’s international financial system and its associated institutions, such as the International Monetary Fund and the World Bank, to provide the appropriate framework for the management of global capitalism.

This paper is a transcript of the first David Finch Lecture at the University Melbourne, presented by the well‐known Harvard economist, Jeffrey Sachs. The lecture was delivered on 24 October 1997, at an early stage of what was first called the Asian financial crisis, and what is now being described by some as a world financial crisis.

In this lecture, Sachs outlines how the world became a world of global capitalism and some of the challenges that poses, especially for institutions such as the international Monetary Fund and the World Bank. Given the nature and extent of the international financial developments that have occurred since the lecture was delivered, it is remarkable how apposite the contents remain over a year later.

https://onlinelibrary.wiley.com/doi/abs/10.1111/1467-8462.00089