THE PENNSYLVANIA STATE UNIVERSITY

The global financial system is experiencing its greatest crisis since World War II. Each day brings broader recognition that the international financial architecture needs radical reform. To many, the adequacy of the old system was already in question. The growth of surpluses in oil producing states and in emerging market economies has created a redistribution of wealth worldwide. Capital now flows from the oil producing and emerging market economies towards the industrialized economies, primarily the United States. This new reality has created a crisis of legitimacy of the current financial system... The urgency of coping with the current financial crisis has temporarily overshadowed two other global crises: energy security and climate change. The premise of the current proposed research is that all three issues are linked and must be tackled in combination.