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On Thursday, September 11th, 2025, the Institutions Global Department Book Talks welcomed Harold James to discuss his book, Seven Crashes: The Economic Crises That Shaped Globalization. His book shows how the uneven course of globalization has led to new economic thinking, and how understanding this history can help us better prepare for the future. 

The Governance Global Practice Book Talks presents recent books by leading global experts. These series include books that are written for a broad audience and cover public policy areas that are relevant for Governance and beyond. 

About the book:

The eminent economic historian Harold James presents a new perspective on financial crises, dividing them into “good” crises, which ultimately expand markets and globalization, and “bad” crises, which result in a smaller, less prosperous world. Examining seven turning points in financial history—from the depression of the 1840s through the Great Depression of the 1930s to the Covid-19 crisis—James shows how crashes prompted by a lack of supply, like the oil shortages of the 1970s, lead to greater globalization as markets expand and producers innovate to increase supply. By contrast, crises triggered by a lack of demand—such as the Global Financial Crisis of 2007–2008—result in less globalization as markets contract, austerity measures are imposed, and skepticism of government grows. By considering not only the times but also the observers who shaped our understanding of each crisis—from Karl Marx to John Maynard Keynes to Larry Summers—James shows how the uneven course of globalization has led to new economic thinking, and how understanding this history can help us better prepare for the future.

Arturo Herrera Gutierrez, Global Director, Governance Global Practice, World Bank.

Arturo Herrera Gutierrez Moderator

Global Director for Institutions in the Prosperity vertical, World Bank

Mr. Herrera, a Mexican National, has extensive experience in governance, as a practitioner and from the development and academic perspectives. He joined the World Bank in 2010 as Senior Public Sector Management Specialist in the Latin America and the Caribbean (LAC) region. He held various positions in the Bank including as Sector Manager in LAC, Practice Manager in Governance Global Practice for the LAC and East Asia and the Pacific regions in the Global Unit before leaving the World Bank Group in 2018. 

Between 2018 and 2021 he has held leadership positions in the Government of Mexico as Co-Head of the Finance Team in Presidential Transition Team, Deputy Finance Minister and, most recently, as Minister of Finance and Public Credit. He was also the Chairman of Mexico’s Exchange Commission and Member of the Board of the Central Bank.

As Global Director for Institutions, country-level governance, especially in fragile, conflict and violent settings; maximizing the effectiveness of operational support for public financial management and public procurement; fostering excellence in the Bank's Prosperity vertical work on public sector administration and operational support for legal and judicial reforms.

Mr. Herrera has also taught Monetary and Banking and Macro and Micro Economics at both El Colegio de Mexico and New York University where he completed his doctoral studies in Economics.

Harold James

Harold James Speaker

Claude and Lore Kelly Professor in European Studies at Princeton University

Harold James, the Claude and Lore Kelly Professor in European Studies at Princeton University, is Professor of History and International Affairs at the Woodrow Wilson School, and an associate at the Bendheim Center for Finance. His books include The German Slump (1986); A German Identity 1770-1990 (1989); International Monetary Cooperation Since Bretton Woods (1996), The End of Globalization (2001); Family Capitalism (2006); The Creation and Destruction of Value: The Globalization Cycle (2009); Making the European Monetary Union (2012); and The Euro and the Battle of Economic Ideas (with Markus K. Brunnermeier and Jean-Pierre Landau) (2016). He was also coauthor of a history of Deutsche Bank (1995), which won the Financial Times Global Business Book Award in 1996.  His most recent books include Making A Modern Central Bank: The Bank of England 1979-2003 (2020), The War of Words: A Glossary of Globalization (2021), and Seven Crashes: The Economic Crises That Shaped Globalization (2023). In 2004, he was awarded the Helmut Schmidt Prize for Economic History, and in 2005 the Ludwig Erhard Prize for writing about economics. He writes a monthly column for Project Syndicate.   

Date: September 11, 2025

Time: 12:30 PM - 01:30 PM ET

Location: World Bank Headquarters

In-Person:

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