Master-class of the Honorary Professor of the Higher School of Economics Martin Gilman
On November 29 master-class with Professor Martin Gilman “The international monetary system: unresolved (and unresolvable) issues” was held for the student of Master’s programme 'Philosophy. Politics. Economics'.
To understand how is contemporary world organized today and how will it look like tomorrow one should take into account the factor of international monetary system. What’s the role it plays in global politics and everyday life? What risks does it conceal? What changes could be expected in its work in the short, as well in the long run?
Professor Gilman’s Master-class allowed a unique opportunity for the HSE students to learn answers to these and many other questions from a former high-level official of the IMF with personal insider knowledge of the international monetary system.
Master-class had a form of an open and frank talk about the burning issues of contemporary global economy. Professor Gilman reminded that international monetary system has passed several stages, each leading to a crisis and profound reform. Now contradictions are sharp again, the system is far from stability, and a new crisis is quite possible. But, according to his view, today there is no clear answer neither of what could be done, nor of what should be done practically, nor about the agents that would be able to accomplish necessary reforms.
The first group problems Professor Gilman is inclined to associate with the state of the art in theoretical macroeconomics which standard analytical tools are unfit to deal with evolving complex systems, such as contemporary economy. Key practical problems are rooted in current decision-making mechanisms at the international level and reflect global shifts in the structure of financial flows and obligations. Just these problems Professor Gilman calls unreasolvable. He expects that in the future evolution of the international monetary system the role of Eastern countries including Russia will rise.