This book introduces a new economic and financial system to replace the flawed current system. The past financial crises, including the Great Depression, the Global Financial Crisis, the COVID-19 pandemic, and the ongoing war between Russia and Ukraine, have showed us that the global financial system has problems and that a paradigm change and mindset shift to provide a better world to society is essential.
This book brings a new sustainable approach to replace the current system and will be of interest to academics, policymakers, and professionals working with financial markets, financial economics, sustainability, and impact finance.
Author(s): Levent Sümer
Publisher: Palgrave Pivot
Year: 2023
Language: English
Pages: 195
City: Cham
Foreword
Preface
Acknowledgments
Contents
About the Author
List of Figures
List of Tables
1 Introduction
References
2 A Brief History of Economic and Global Financial Systems
Brief History of Economic Systems
History of the Global Financial System
References
3 Financial Crises: From 1929 Great Depression to 2020 Great Lockdown
1929 Great Depression
The Oil Crisis 1973 and 1979
1980 Latin American Debt Crisis
1987 Black Monday
The US Savings and Loans Crisis (1989–1991)
1992 Collapse of Japanese Asset Price Bubble
1994 Mexican Peso Crisis
1997 Asian Financial Crisis
1998 Russian Ruble Crisis
2000 Dot-Com Bubble
2001 September 11 Attacks
2008 Global Financial Crisis
European Debt Crisis
2020 COVID-19 Recession (Great Lockdown)
References
4 The Global Risks and Problems of the Economic and Financial Systems
Global Debt
Post-COVID-19 Debate: Inflation vs. Unemployment/Recession (From Keynesian Policies to Friedman Approach)
Inequality in Wealth Distribution
Re-Globalization Under the Shadow of Brexit, Trade Wars, COVID-19, and Geopolitical Conflicts
The Effects of Brexit
Trade Wars
The Effects of COVID-19
Geopolitical Conflicts
References
5 A Short Anatomy of the Turkish Economy and the Signs of a New Crisis
Turkish Economy: From 1923 to 2023
Are There Signs of a New Crisis?
References
6 Time to Question
What Are the Main Needs of People?
Housing
Education and Health
Peace
Freedom and Rule of Law
Why Do People Work?
What is Money for?
What Makes People Happy?
How the Conflicts Among Individuals and Societies Can Be Avoided?
References
7 The New Sustainable Approach
Does Economic Growth Really Matter?
What Are the Alternatives?
Circular Economy
Sharing Economy
Digital Economy
Islamic Economics and Finance
The New Approach
Main Pillars: Developing, Balancing, Saving, and Sharing
Pillar 1: Developing
Pillar 2: Balancing
Diderot Effect
Pillar 3: Saving
Pillar 4: Sharing
The Model Framework of the New System
From Debt-Oriented Deadlock to Partnership-Tailored Solution Approach
The Model Framework
What Are the Sources of Money for the New System?
Sovereign Wealth Funds
Pension Funds
Insurance
Mutual Funds
Hedge Funds
Venture Capital Investment Funds
Real Estate Investment Funds
How Can the Model Be Implemented?
An Alternative Housing Financing Model
An Alternative Approach to Replace Debt Financing
An Alternative Project Financing Model: Public-Private-People Partnership (4P Model)
Redesigning the Pension and Insurance Systems
A New Tax System
References
8 What Is Next?
References
Index
