A Great Breakdown?
In the months and years preceding August 1914, the global economy performed relatively well: world trade expanded, financial markets seemed healthy, and the business community shrugged off political problems as either temporary or irrelevant. Is today's world similarly sleepwalking toward catastrophe?
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ISTANBUL – This month – the centenary of the outbreak of World War I – is an opportune time to reflect on big risks. As Michael Spence recently warned, the international order’s widening security deficit, reflecting the weakening of whatever global governance we have, is fast becoming the biggest risk facing the world economy. The same point could have been made a century ago.