{"product_id":"the-long-run-paul-schmelzing-9780300259261","title":"The Long Run: A New History of the International Financial System","description":"\u003cp\u003e\u003cb\u003eA bold new history of global finance over seven centuries--and what its long evolution reveals about the future of the world economy\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003eThe twenty-first century has been marked by what many see as unusual instability in global finance--negative interest rates, geopolitical tensions, and unprecedented market interventions. What if these developments are not an aberration but rather a return to deeper historical patterns?\u003c\/p\u003e\u003cp\u003eIn this ambitious new history, Paul Schmelzing draws on thousands of archival sources to reconstruct the evolution of the international financial system from the Renaissance to today. He shows how long-run trends in interest rates and asset markets helped shape our modern system--and how those trends may now be reversing.\u003c\/p\u003e\u003cp\u003eThat system took form during the upheavals of the sixteenth century, when governments--starting with the Habsburg Empire--emerged as the world's most trusted borrowers and their debt became the foundation of modern markets. Over time, this arrangement culminated in America anchoring the international financial order.\u003c\/p\u003e\u003cp\u003eNow, that long-standing order is eroding. As debt rises, financial pressures mount, and China's economic trajectory converges with the West's, the world could be entering a new era of instability--one that, in key respects, echoes the financial system that existed before 1550.\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAuthor:\u003c\/b\u003e Paul Schmelzing\u003cbr\u003e\u003cb\u003eISBN-10:\u003c\/b\u003e 0300259263\u003cbr\u003e\u003cb\u003eISBN-13:\u003c\/b\u003e 9780300259261\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e Yale University Press\u003cbr\u003e\u003cb\u003eLanguage:\u003c\/b\u003e English\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 04\/20\/2027\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 512\u003cbr\u003e\u003cb\u003eFormat:\u003c\/b\u003e Hardcover","brand":"Paul Schmelzing","offers":[{"title":"Hardcover","offer_id":49173245296895,"sku":"9780300259261","price":40.0,"currency_code":"USD","in_stock":false}],"url":"https:\/\/www.whiterainbookhouse.com\/products\/the-long-run-paul-schmelzing-9780300259261","provider":"WR Book House","version":"1.0","type":"link"}