Exposing the Risks of Global Finance: Yilmaz Akyuz on ‘Playing with Fire’ (2/2)

Part 2 of “Exposing the Risks of Global Finance: Playing with Fire”, a documentary program on the meeting “Another Crisis in the Making”. A South Centre debate on the state of the global economy and finance, the meeting was held on the occasion of the launch of the book Financial Integration and Changing Vulnerabilities of the Global South authored by South Centre Chief Economist, Yilmaz Akyüz. In this final segment, TRNN feature clips of Dr. Akyüz, as an author’s commentary. The South Centre Chief Economist explains the deepened financial integration of the Global South as a mechanism of Northern countries to continue compressing wage income. But the growing and massive accumulation of debt worldwide is making the global economy more vulnerable than ever before. Link to the Real News Network page here for this video by TRNN’s Lynn Fries. Video appears after the introduction from South Centre below.

The meeting “Another Crisis in the Making” was moderated by Mrs. Yuefen Li, Special Advisor on Economics and Development Finance of the South Centre, with presentations by Dr. Richard Kozul-Wright, Director of the Division on Globalization and Development Strategies (GDS), UNCTAD, Dr. Y.V. Reddy, South Centre Board Member and Former Governor of the Reserve Bank of India, and Dr. Peter Dittus, Former Secretary General of the Bank for International Settlements (BIS). Dr. Yılmaz Akyüz, the author, responded to various comments and observations made by the panellists.

“Playing with Fire is a comprehensive account of financial integration of emerging and developing countries supported by a wealth of data and information. It also includes discussion of new vulnerabilities to external financial shocks. The book aids understanding of destabilizing interactions between key international markets for emerging and developing countries through a new concept of commodity-finance nexus. It takes a critical look at foreign direct investment.” (Oxford University Press)

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