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"The world economy is just starting to recover from the most disastrous episode in the history of financial globalization. Understanding what happened is essential. The authors argue in this book that the main problems were deeply rooted and are to be found in two tightly linked developments that for many years were left largely uncontrolled: the increase in the intensity of international transfers of savings -- the so-called 'global imbalances' -- and a wave of innovations -- globalized finance -- that have changed the way savings and the risks associated with their investment can be transferred."

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