financial crisis

I would like to start by pointing to causes of many financial crisis which tend to be largely circumstantial and as reactions to the developments in the world economy . If we look at the Great Depression, we see that the cause was mainly due to an absence of a hegemonic power, i.e Britain and the western nations being mired in post war reconstruction efforts. Countries resorted to protectionist policies that later failed and led to WWII. 200 words The collapse of the Bretton Woods system following the oil crisis. 100 words The imbalance of the dollar and US gold reserves and its effects on the importance of the dollar. 100 words The Asian financial crisis. 100 words The rise of other global actors (BRICS) eclipsing to a certain extent the hegemonic role of the US. 200 The 2008 economic crash (the subprime mortgages). 100 Conclusion: Due to an ever evolving international system, the current financial system is no better prepared now than it was in the 30’s . However, “lessons” can be learnt from previous crisis but as some world events can be happen very suddenly (such as the oils crisis in the 70’s and the 2008 crisis), the recent events such as Brexit or the election of Donald Trump in the US have added to the complexity and the unpredictability of crisis yet to come. 300 words