In Global Finance at Risk, two acclaimed economists propose
a bold and necessary solution to the financial crises that threaten
us all: a World Financial Authority with powers to establish
best-practice financial regulation and risk management everywhere.

The expansion of finance in industrialized economies, including
nineteenth-century Britain and the United States, saw exactly the
same kind of turbulence now afflicting Asia, Russia and Latin
America. Then, the solution was to establish national banking and
securities regulators, deposit insurance and lenders of last
resort. But in our increasingly globalized world, the savings
account you open at your local bank can be based on bad debt from
anywhere in the world, including places outside the jurisdiction of
those national agencies. And when banks fail, it is not just their
account-holders who suffer, but all of us. This is why, argue John
Eatwell and Lance Taylor in this timely and urgent book, effective
regulation of the international financial system is crucial for the
economic health of all nations.

Global Finance at Risk presents a compelling case for the
international regulation of world financial systems. Written in a
clear and accessible style and addressing one of the most critical
issues in the world today, this is a book which deserves to be
widely read and discussed.