An Anatomy of the International Financial System Vis-À-Vis the Human Body System

Abstract

This paper attempts to construct an anatomical structure around key constituents in the International Financial System (“IFS”) in comparison with anatomical features of the human body. The IFS is a conglomeration of financial systems, encompassing financial and monetary activities, that are so intertwined that the fragility of a system, affects the stability of the IFS. Similarly, the human body system is a compendium of sub-systems working together to ensure the body functions effectively. The human body and IFS are both products of a complicated intertwined formation of sub-systems. Thus, analogies are made between the structure and functions of key constituents in the IFS, and vital organs and components in seven (7) systems of the human body; circulatory, respiratory, digestive, nervous, skeletal, integumentary, and respiratory systems.

The contextual structure of this paper is twofold: (1) making analogies between constituents of the IFS and components of the human body system, (2) positing supporting evidence to the analogies through occurrences from select global financial crises, and a global pandemic. The global financial crises are: The Great Depression (1929-1939), The International Debt Crisis (1982-1989), The Asian Financial Crisis (1997-1999), and The Great Recession (2007-2009). The global pandemic is the COVID-19 pandemic (2019-till date).

Keywords: international financial system, financial systems, global financial crisis, international monetary system