Financial Crisis and War
In 1907, a major financial crisis emanating from the US affected the rest of the world, demonstrating the fragility of the entire international financial system – and ultimately contributing to the outbreak of World War I. The response to the current financial crisis is replaying a similar dynamic.
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PRINCETON – The approach of the hundredth anniversary of the outbreak of World War I in 1914 has jolted politicians and commentators worried by the fragility of current global political and economic arrangements. Indeed, Luxembourg’s prime minister, Jean-Claude Juncker, recently argued that Europe’s growing north-south polarization has set the continent back by a century.