Thinking in Time: Lessons from the History of Globalisationстатья

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[1] Chumakov A. N. Thinking in time: Lessons from the history of globalisation // STUDIA DIPLOMATICA. The Brussels Journal of International Relations. — 2013. — Vol. 66, no. 1. — P. 93–100. The European Sovereign Debt Crisis is a repercussion of the 2007-2009 Global Financial Crisis, the effects of which are being faced till date. The crisis demonstrates how financial markets can cause serious socio-economic tension and are highly destructive, in the absence of an adequate system to control and coordinate the activities of global financial regulatory bodies. Several studies conducted by organisations and economists state that financial crises are inevitable given the cyclic nature of the market economy. In order to provide a nuanced analysis of the crisis and devise crisis management mechanisms, it is important not to commit subjective mistakes that would provoke further crises. Only then can corrective measures be applied in order to ease its consequences. Several countries and regional groupings such as the European Union leave the onus of this task upon political leaders and specialists in economics, management and so on. Oftentimes, their decisions are bereft of a nuanced understanding of the world and the process of globalisation, thereby limiting their effectiveness. Doing so becomes a critical task, since technical solutions are not adequate in themselves. A philosophical analysis of the issue at hand, and of the earlier trends of global development is needed. 1 Professor Alexander N. Chumakov is Head of the Chair of Philosophy at Financial University of the Government of the Russian Federation and First Vice-president of the Russian Philosophical Society, Moscow. ALEXANDER N. CHUMAKOV 94 STUDIA DIPLOMATICA 2013 • LXVI-1 This article examines globalisation, as it exists today and diverging perceptions of the term. It then discusses the challenge it poses to governance, a key concern given the nature of contemporary global issues. Lastly, the article provides lessons that can be drawn from the global financial crisis. [ DOI ]

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