Black Swan: Economic Crises, Volume III

This book continues the discussion from Volume I and Volume II on economic, fiscal and financial crises in world history that have had a great impact on the entire world and the fiscal measures taken by governments to combat each crisis. Such events are often described as Black Swans, a concept introduced by economist and risk analyst Nassim Nicholas Taleb in the book Fooled By Randomness in 2001, in reference to events that were thought to be impossible but had a huge impact when they did happen. Since the Great Depression of 1929, the greatest crisis of the 20th century, there has been a second crisis in the 21st century with similar profound effects. Liberalization of international capital movements and trade, the existence of multinational companies, the integration of international markets and financial movements and the country's economies are closely linked. In the 21st century we are living in, with the effect of globalization, we can see that the markets have gradually become a "Global Village"; therefore, an event that occurs in any continent is now affecting all countries, including Turkey, in a very short time. In this third volume, besides the important 21st century crises such as the “Global Financial Crisis” and the “European Debt Crisis” that caused the world economy to buckle under its pressures, the causes and results of the recent economic crises breaking out in Argentina, Turkey and Venezuela, where financial fragility is high and severe financial problems exist, are examined in detail.