The eminent economic historian Harold James presents a new perspective on financial crises, dividing them into "good" crises, which ultimately expand markets and globalization, and "bad" crises, which result in a smaller, less prosperous world. Examining seven turning points in financial history--from the depression of the 1840s through the Great Depression of the 1930s to the Covid-19 crisis--James shows how crashes prompted by a lack of supply, like the oil shortages of the 1970s, lead to greater globalization as markets expand and producers innovate to increase supply. By contrast, crises triggered by a lack of demand--such as the Global Financial Crisis of 2007-2008--result in less globalization as markets contract, austerity measures are imposed, and skepticism of government grows.