International Finance and the Global Polycrisis

This article explores the pivotal role of international finance in shaping political responses to four major global crises: the COVID-19 pandemic, the Russian invasion of Ukraine, the climate emergency, and the intensifying geoeconomic rivalry between China and the United States. It highlights how financial mobilization has varied across these crises, serving distinct strategic purposes and prompting innovations in public financial practices. These innovations have simultaneously fostered greater global financial cooperation and contributed to a more fragmented international financial system. The re-election of Donald Trump is identified as a turning point that amplifies fragmentary trends, potentially accelerating the onset of a fifth crisis—a global financial meltdown. Overall, the article underscores the centrality of international finance in the current polycrisis, the multifaceted roles it plays, and the challenges of anticipating future developments in an increasingly complex global landscape.