The 1997 Asian financial crisis tested the limits of the rules-based order's financial architecture

The IMF was created to prevent the currency crises that destabilized the 1930s global economy

Founded in 1945, the IMF monitors exchange rates, promotes financial stability, and provides emergency funding to countries that cannot pay for their imports. It currently has 191 member countries and acts as a lender of last resort for struggling economies.

The G20 emerged from the 1997 Asian financial crisis as a forum for managing the global economy

Established in 1999 and elevated to a leaders' summit during the 2008 financial crisis, the G20 now unites the world's largest economies to address issues that the Bretton Woods institutions were not designed to manage.

The World Bank, IMF, and WTO all face calls for structural reform

Researchers argue that all three major institutions face legitimacy and effectiveness challenges, including outdated governance structures, unequal voting power, and difficulty adapting to a more multipolar world.

Sovereign wealth funds in the Middle East and Asia surged after the 2008 financial crisis

As the stock market plummeted in 2008, SWFs with cash on hand were able to snap up critically undervalued assets that eventually posted large profits. The Government of Singapore Investment Corp. and Abu Dhabi Investment Authority invested $14.4B in Citigroup, resulting in a $1.6B profit for the GSIC when it sold half of the holdings in 2009.

During the Cold War, the rules-based order was largely limited to the West

The Soviet Union and its allies operated outside the Bretton Woods institutions, meaning the postwar liberal order functioned as a regional rather than a truly global system. This changed with the USSR's collapse in 1991.

The Bretton Woods economic order was built on Keynesian principles

Keynesian economics suggests that governments should actively manage economies to prevent downturns, promote employment, and regulate markets. The Bretton Woods institutions were created based on this belief that coordinated public intervention could prevent the economic crises of the 1930s.

How the World Bank's pandemic bonds were triggered during COVID-19

In 2017, the World Bank raised a chunk of emergency funds through bonds to help developing countries cover funds in the event of a pandemic. Had no pandemic occurred, investors would have received returns of 6% to 11%. But the global pandemic meant they lost all their money.

The BRICS development bank was created as an alternative to Western-led institutions

Brazil, Russia, India, China, and South Africa founded the New Development Bank in 2015, clearly positioning it as a counterbalance to the World Bank and IMF—and a way for middle powers to influence global economic governance.

In 2007, Bridgewater Associates warned of an impending financial crisis

Ray Dalio even presented his concerns to the US Treasury Secretary. In late 2025, Dalio warned of another recession, in line with models he created in his book "How Countries Go Broke: The Big Cycle."

Why private credit has faced challenges in recent years

The factors that some experts say are driving what could be private credit's most challenging era since the 2008 financial crisis include global economic uncertainty around trade and tariffs, investor fears about the amount of money being spent on artificial intelligence, and more.

In the aftermath of the 2008 financial crisis, the Fed began a program of quantitative easing

This program injected trillions of dollars of new money into financial markets to stimulate the economy. The move catalyzed an 11-year bull run and was repeated during the pandemic. Experts argue such power could worsen wealth inequality and contribute to bubbles in housing and finance.

The Great Depression was an international depression felt far beyond the US

Many countries suffered through a depression in the 1930s that the First World War, the US stock market crash, and an economic downturn in Germany turned into an international crisis.

The financial crisis in 2008 had a major impact on many 401(k) plans

Amid the 2008 financial crisis, stocks and bonds cratered as the broader market floundered due to the subprime mortgage crisis. Investors with so-called "target-date" funds—which shift allocations based on the maturation of a fund—shared in the slump, with some funds declining by 20% or more just a year or two away from maturation.

Arguments for returning to a gold standard reappear from time to time

However, critics argue that globalization has made the gold standard impractical for modern economies, as it limits a nation’s ability to have a flexible monetary policy—hence, none of today's governments have a gold standard.

A Tiger economy typically describes a booming Southeast Asian country

The term “tiger economy” has been used over the last several decades to describe a developing country experiencing rapid economic growth, often due to developing export-oriented industries and/or financial markets. The term was originally applied to Southeast Asian economies, including South Korea’s, and has since been used to describe Ireland, the Baltics, and Dubai.

The 1956 Suez crisis was one of the earliest tests of the rules-based order

When Britain, France, and Israel secretly invaded Egypt, the Eisenhower administration supported UN resolutions condemning the invasion and called for a ceasefire—publicly criticizing its closest allies to uphold the principle that force should not be used to resolve international disputes.

When the US hits the debt ceiling, the Treasury uses emergency measures to avoid default

After the US reached its debt ceiling in January 2023, the Treasury deployed "extraordinary measures" to keep paying obligations. This article explains the steps, how they work, and why they last only for a limited time. (Some readers may experience a paywall.)

The South Korean government invests in K-pop

While it can feel like K-pop's popularity appeared in the West out of nowhere, there have been longstanding efforts to make it take off in countries around the world. The Korean government invested in its culture for a more powerful future during a financial crisis in Asia. From building huge auditoriums to refining hologram technology, South Korea's Ministry of Culture has devoted huge sums to ensure the success of K-pop.

Anti-money laundering laws forcing banks to report data have become important foreign policy tools

Since the Bank Secrecy Act of 1970, which required banks to report transactions exceeding $10K and keep records on customers, anti-money laundering laws have become an important proxy for American foreign policy initiatives. Increased regulation via financial institutions helps curb drug and human trafficking, as well as destabilize the financial infrastructure for terrorist organizations.

Japan has one of the largest debt-to-GDP ratios among developed countries

On the face of it, this appears to be a bad sign. But a closer look at Japan’s investment strategies reveals that its relatively high debt might be more sustainable than meets the eye.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

Oil shocks, war, and the 1970s crisis that remade American energy and economics

The oil crises of the 1970s—fueled by Middle East conflict and OPEC’s dominance—triggered inflation, price controls, and policy failure. But they also accelerated fracking, alternative energy, and the rise of free-market economics.

AI may help the 1.4 billion people worldwide who lack access to basic financial services

Artificial intelligence is fuelling a financial technology transformation in some countries where an outsized number of residents lack access to basic financial services, including Brazil and Nigeria.

Is North Korea fighting a food crisis?

North Korea is facing a food crisis placing it on the brink of famine. Read (or watch) Al Jazeera’s detailed take on the food crisis unfolding in North Korea. Since the 1950s, the country has relied on a collective agriculture system. But...

Japan’s imperial expansion in Asia set the stage for war with the US

Between 1931 and 1941, Japan seized Manchuria, launched a full-scale war in China and occupied French Indochina, moves that intensified its demand for strategic resources and triggered escalating US-led embargoes—particularly the 1941 oil cutoff—which sharply raised the risk of war between the two countries.

Chernobyl pushed the world to create rapid-alert systems for nuclear accidents

In the aftermath of the disaster, nations adopted new agreements requiring immediate international notification of nuclear accidents. They coordinated emergency assistance—efforts led by the International Atomic Energy Agency to prevent future disasters from being concealed when radiation emergencies occur.

Roughly 43 million US borrowers owe roughly $1.7T in student debt, the second-largest source of consumer debt behind mortgages.

See how Ebola tore through Guinea, Sierra Leone, and Liberia in 2014-2016.

The US first hosted the World Cup in 1994, a tournament that lives in soccer infamy for its poor planning and the murder of Colombian player Andres Escobar, who'd accidentally scored on his own net.

See a ranking of the best (and worst) Federal Reserve Chairs since 1914 out of the 16 men and women who have held the office since.

The first steps to rebuilding your credit score include getting to know exactly what's on your credit report and figuring out how far you are from the '700 club,' or 'good score' range.

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

See 33 images that became central to huge scandals, including a young Charles and Camilla, Michael Jackson's baby on a hotel balcony, and Hugh Grant's mugshot.

In 2019, a laptop loaded with six of the worst malware in history and described as 'an exhibit of historical weaponry' sold for $1.3M.

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

In 2026, Finland was named the world's happiest country for the ninth consecutive year based on its wealth, social safety network, and high life expectancy, among other factors.

Electrical grids worldwide must double their power delivery capacity by 2050 to meet surging demand from AI and electric vehicles.

Before the current East Wing ballroom project, only two White House renovations in the past 100 years cost more than $10M.

NBA superstar Victor Wembanyama spent the 2025 summer training with monks in central China to enhance his body and mind.

The rivalry between Alexander Hamilton and Thomas Jefferson centered on federalism—the question of how much power the federal government should hold relative to the states.

Explore chaos in this simulation of two double pendulums, where small differences in the release angles produce wildly different outcomes.

Radioactive elements can introduce software errors because the ionizing radiation they produce can detach electrons from atoms, and computer code relies on the distribution of electrons.

At the beginning of the 20th century, a group of young men ate standard American food—replete with food additives like borax and formaldehyde—as part of government research to better understand food safety.

Fish populations in the Great Barrier Reef have increased after installing waterproof speakers on the ocean floor that played recordings of sounds from healthy coral reefs.

See this overview of the firework rules across all 50 states, ranging from a complete ban on non-professional fireworks in Massachusetts to states with more lax rules like Indiana.

Hurricanes, which rely on air consistently spinning in the same direction, cannot cross the equator because air curves in opposite directions north and south of it.

Iran's Revolutionary Guard Corps is independent of Iran's regular army and is one of the most powerful and influential military-political organizations in the Middle East.

In recent years a child anxiety expert has created and tested a novel phobia and anxiety treatment approach for children, focused on changing how parents respond to the fears.

When a Paris department store hesitated to sell Estée Lauder's perfume, she 'accidentally' broke a bottle, causing the smell to spread throughout the store and shoppers to start asking to buy the scent.

Domino's Pizza's 30-minute delivery guarantee was responsible for the chain's 1980s surge, but it was discontinued after the company was found liable for delivery driver accidents.