George Santayana said those who can’t remember the past are condemned to repeat it.

You need to look at recent history to see how economic mistakes can be repeated. The Great Depression was caused by a combination of populism, nationalism, and bad government policy that made a toxic brew that made the US and much of the world in an economic downturn for nearly a decade. Even if some of the circumstances leading to it had changed with the times, the Great Recession brought a repeat of the financial devastation of its predecessor. Similar events can be traced throughout other parts of the world, as exemplified by the Greek debt crisis that resulted when the nation gave up the ability to set its own monetary policy as it joined other nations linked by the euro as common currency.

When large-scale economic failures are immersed in long-standing philosophies and can have global ramifications, it’s easy to assume they are isolated. It can be hard to know what lessons to draw from a crisis because national economies are so complex. That is where international economic institutions come in. Since the end of the Great Depression and World War II, bodies such as the World Trade Organization, International Monetary Fund, World Bank, and G-20 have sprung up with a variety of missions. The ultimate goal is to prevent a descent into worldwide economic chaos which could lead to war.

While such organizations are trying to knit the world more tightly together, in many countries the voices of populism and nationalism are objecting that traditional livelihoods and customs are being irretrievably lost. All human institutions have the same failures. Do they work? Have they saved us from disaster? Is it better off without others? Do these groups help or hinder the way to prosperity?

Globalism vs. nationalism is the topic of international economic institutions. The influential organizations are used to study the globalization of the economy. In 24 eye-opening half-hour lectures, Professor Ramon P. DeGennaro of the University of Tennessee, Knoxville, conducts you through the various groups, their goals, and the important roles they play in the economic life of the entire world.

In a lively and fascinating presentation that covers major principles of political economy, international finance and trade, and macroeconomics, Professor DeGennaro analyzes these organizations in depth to reveal their strengths and weakness. He presents a panoramic portrait of globalization.

Fruitful but flawed institutions.

The rise of the internet and the increasing visibility of major trade agreements in the headlines may make Globalization feel like a new phenomenon. Modern globalization took root nearly a century ago in order to prevent a repeat of World War I. The League of Nations failed in their goal as the Great Depression produced economic and political turmoil that led to World War II. Professor DeGennaro shows the ways nations tried again in the aftermath of World War II, closely examining the institutions that resulted to form the core of today’s international economic system.

• Bretton Woods Conference : In a set of agreements negotiated in 1944 at Bretton Woods, New Hampshire, 44 Allied nations established a gold-based exchange system, the International Monetary Fund to oversee global finance, and the precursor of today’s World Bank to aid the recovery of war-ravaged economies.
• General Agreement on Tariffs and Trade : Recognizing the role of high tariffs in the Great Depression and the rise of Adolf Hitler, 23 nations agreed to substantially lower trading barriers, spurring some of the fastest growth in the history of international commerce. This compact evolved into the World Trade Organization (WTO).
• European Coal and Steel Community : In 1951, six European nations, including traditional enemies France and West Germany, took the first step toward a common market with the goal of making war between them impossible. That organization eventually grew into the European Union (EU), comprising almost 30 countries.

Professor DeGennaro makes clear that the achievements have not been without setbacks. There are new difficulties and renegotiations with each step towards globalization. The future of many institutions is unclear. In its quest to build a united states of Europe, many believe the EU has become too big and its regulations too intrusive, inciting the UK to vote to leave the union in 2016 in a rare case of an international institution facing mutiny by one

The most fundamental institutions.

Professor DeGennaro believes that there is another type of institution that is more fundamental than international groups. The laws, customs, and practices are the preconditions for prosperity.

• Rule of law : This principle ensures that every person gets equal treatment before the law. Government officials cannot act arbitrarily and are subject to the same laws as ordinary citizens. In general, only a strong central government can provide this commitment.
• Property rights : This bundle of rights governs what you can do with a given resource. It ensures that you reap the rewards from your land, buildings, businesses, ideas, or investments. In many societies, property can be taken away on a whim.
• Economic freedom : Rule of law and property rights are just two aspects of economic freedom, which also includes free markets, the right to compete, freedom of contract, and open access to political power—as opposed to a narrow elite holding all power.

In. There are international economic institutions. There are two types of institutions, the formal economic alliances and the principles of economic freedom. Poorer countries can make little economic progress due to their weak property rights and biased application of laws, despite loans from the World Bank and regional development banks. Wealthy nations are wealthy because they observe these guarantees.

The United States and the UK had all the essential economic liberties in 1930. The Great Depression was caused by their self-destructive tariffs and mistaken fiscal and monetary policies. If done right, there is power, safety, and prosperity in international cooperation.

Lectures:

The politics of economic institutions. Financial Regulation across borders. International anarchy under one roof. Multilateralism is messy. The roles of Central Banks and the Fed. The rise of big government before World War II. There are interest groups, the state and Corporatism. The World Bank, Poverty, and Violence. Group Choices: Rock, Paper, Scissors. The United Nations is a league of its own. The gold standard and exchange rates. What caused the Great Depression? F.D.R. has a Stimulus Plan. The Bank of international Settlements. Intrique at Bretton Woods in July 1944. The International Monetary Fund is made up of monetary funds. The Asian Development Bank. The World Trade Organization. The Euro. Mismanaging risk is one of the consequences of the Great Recession. There is a bigger house of cards after the recession. Banking supervision and the accords. There is a United Europe and then a British exit from the European Union. There was an era of instability called the G-Zero Era.

Dr. Ramon P. DeGennaro is a professor at The University of Tennessee. He is a member of the Angel Capital Group and consults in the areas of business valuation, investments, and financial management. He was a Visiting Scholar at the Federal Reserve Banks of Cleveland and Atlanta. Professor DeGennaro studied finance at The Ohio State University.

Professor DeGennaro is a nominee for the Allen H. Keally Outstanding Teacher Award, the John B. Ross Outstanding Teaching Award, and the College of Business Outstanding Teaching Award.

Professor DeGennaro is the recipient of more than 50 research and professional development grants. His research focuses on investments, financial markets, and entrepreneurship. More than 40 articles on investments, financial market volatility, small-firm finance, term structure of interest rates, financial institutions, and prediction markets have been published by him. He wrote research reports, book chapters, book reviews, and several Federal Reserve publications.