Global Business & Development Law Journal Volume 23 Issue 1 Symposium: Local to Global: Rethinking Article 3 Spheres of Authority After a World Financial Crisis 1-1-2010 The Global Financial Crisis of 2008-2009 in Context—Reflections on International Legal and Institutional Failings, "Fixes," and Fundamentals John W. Head University of Kansas Follow this and additional works at: https://scholarlycommons.pacific.edu/globe Part of the Banking and Finance Law Commons, and the International Law Commons Recommended Citation John W. Head, The Global Financial Crisis of 2008-2009 in Context—Reflections on International Legal and Institutional Failings, "Fixes," and Fundamentals, 23 Pac. McGeorge Global Bus. & Dev. L.J. 43 (2010). Available at: https://scholarlycommons.pacific.edu/globe/vol23/iss1/3 This Article is brought to you for free and open access by the Journals and Law Reviews at Scholarly Commons. It has been accepted for inclusion in Global Business & Development Law Journal by an authorized editor of Scholarly Commons. For more information, please contact
[email protected]. The Global Financial Crisis of 2008-2009 in Context- Reflections on International Legal and Institutional Failings, "Fixes," and Fundamentals John W. Head* SYNOPSIS In this contribution to the symposium on the world financial crisis, Professor Head offers his observations on several aspects of the recent financial chaos that has gripped-and partially paralyzed-the world. First, he traces how the crisis unfolded and what institutionalresponses it elicited, especially at the international level. In this respect he places special emphasis on the International Monetary Fund ("IMF") and its performance and future prospects. He then proceeds to explain the broader picture of financial crises into which this one fits, by briefly surveying several twentieth-century episodes offinancial chaos.