Library of Mistakes
EP 27: Seven Crashes (with Harold James)
Jul 8, 2024
Harold James, author of Seven Crashes, discusses the historical impact of supply shocks on globalization and capital flows. The podcast explores the responses to economic crises by influential figures like Keynes, the challenges faced by central banks in addressing supply side shocks, and lessons learned for a more optimistic future.
41:22
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Quick takeaways
- Historical crises have shaped globalization through unexpected consequences like shifts in consumer behavior.
- The insights of Karl Marx and Stanley Jevons on economic behavior have influenced modern economic thinking and responses to crises.
Deep dives
Crises Impacting Globalization
Supply and demand crises like the 1840s food supply shock, the 1970s energy supply shock, and the Great Depression have shaped globalization. From food price hikes due to wet summers to 1970s inflation affecting consumer behavior, these crises demonstrate unforeseen consequences like the 1970s shift from gas guzzler cars to fuel-efficient models.
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