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    Crisis Economics: A Crash Course in the Future of Finance
    Unavailable
    Crisis Economics: A Crash Course in the Future of Finance
    Unavailable
    Crisis Economics: A Crash Course in the Future of Finance
    Audiobook13 hours

    Crisis Economics: A Crash Course in the Future of Finance

    Written by Stephen Mihm and Nouriel Roubini

    Narrated by L.J. Ganser

    4/5

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    Currently unavailable

    Currently unavailable

    About this audiobook

    This myth shattering book reveals the methods Nouriel Roubini used to foretell the current crisis before other economists saw it coming and shows how those methods can help us make sense of the present and prepare for the future.

    Renowned economist Nouriel Roubini electrified his profession and the larger financial community by predicting the current crisis well in advance of anyone else. Unlike most in his profession who treat economic disasters as freakish once-in-­a-lifetime events without clear cause, Roubini, after decades of careful research around the world, realized that they were both probable and predictable. Armed with an unconventional blend of historical analysis and global economics, Roubini has forced politicians, policy makers, investors, and market watchers to face a long-neglected truth: financial systems are inherently fragile and prone to collapse.

    Drawing on the parallels from many countries and centuries, Nouriel Roubini and Stephen Mihm, a professor of economic history and a New York Times Magazine writer, show that financial cataclysms are as old and as ubiquitous as capitalism itself. The last two decades alone have witnessed comparable crises in countries as diverse as Mexico, Thailand, Brazil, Pakistan, and Argentina. All of these crises-not to mention the more sweeping cataclysms such as the Great Depression-have much in common with the current downturn. Bringing lessons of earlier episodes to bear on our present predicament, Roubini and Mihm show how we can recognize and grapple with the inherent instability of the global financial system, understand its pressure points, learn from previous episodes of "irrational exuberance," pinpoint the course of global contagion, and plan for our immediate future. Perhaps most important, the authors-considering theories, statistics, and mathematical models with the skepticism that recent history warrants-explain how the world's economy can get out of the mess we're in, and stay out.

    In Roubini's shadow, economists and investors are increasingly realizing that they can no longer afford to consider crises the black swans of financial history. A vital and timeless book, Crisis Economics proves calamities to be not only predictable but also preventable and, with the right medicine, curable.
    LanguageEnglish
    PublisherPenguin Random House Audio
    Release dateMay 13, 2010
    ISBN9781101100462
    Unavailable
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    Reviews for Crisis Economics

    4/5

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    • 3/5
      A little disappointing- the book isn't all that well organized, the 'solutions' offered are focused almost entirely on stabilizing the financial system, and it's frightening to see how quickly a book like this can be outdated.

      Now obviously the problem of being outdated can't be laid at the authors' feet; and there's nothing particularly wrong with wanting to stabilize the financial system. I just come from a different world: when you promise 'radical' measures, I don't expect things like "do a better job regulating derivatives, and break up the too big to fail banks." I'm not sure what I expected, but certainly something more highly charged than that. This isn't at all a guide to crisis economics. It's a guide to regulating the financial sector after one particular crisis.

      As for organization, I suspect they just tried to do too much- a history of the crash, complete with explanation of every term; a list of proposed and pursued solutions; a list of their preferred solutions. The prose is skimmable, an perfectly clear, but also made me sleepy.

      All that said, it's probably a good one stop shop for those who are curious but can't be bothered reading more than one book.
    • 3/5
      The subtitle is lame, but the book is excellent. Good overview of the history of crisis in capitalism, something that was incredibly frequent prior to the reforms instituted during the Great Depression. Then a clear look at what got us into this particular crisis - and what didn't - followed by an analysis of options for long-term improvements to the financial system. Definitely recommended.
    • 5/5
      Nouriel Roubini was and is the best known Cassandra among economists. As an insider at the margin with a funny accent, the oligarchy in charge ignored his warnings time and again. Interestedly, Roubini once worked as senior adviser to Timothy Geithner during the later Clinton years. Now that the insiders didn't and don't listen to him, they can read his message also in book form. Co-authored with a journalist, Roubini's exceedingly well-written introduction to crisis economics offers a survey of what went wrong in many financial crises, what ideas economists developed to deal with crises and how to get the economies out of the morass. Roubini's main point is that financial crises are not exotic beasts that nobody can predict; they are a regular feature of business life made worse by bad regulation as well as monetary and fiscal policies.For those that haven't yet heard the sad story, Roubini also offers a nice run-down of history of the current financial crisis, slaying all kind of misconceptions and pointing fingers at some of the unpunished villains (Phil Gramm, a key architect of the financial destruction, still is employed by UBS which chirps on its website about Gramm's work in creating financial weapons of mass destruction: "As Chairman of the Banking Committee, Senator Gramm steered through legislation modernizing the nation's banking, insurance and securities laws.").Roubini then points out the areas in financial regulation and practice that need reform. Unfortunately, his good mainstream advice is unlikely to be introduced into actual practice. As the Bush tax cuts extension, which the author at the time of writing hoped to see expire in 2010, has revealed, even the most indefensible overkills of the Bush era are continued by the US government. It is truly sad to contrast Roubini's proposals with the policies implemented (or better not implemented). A new Roosevelt isn't even visible on the horizon.The book closes with an outlook written in signature Dr Doom style: America in the slump, Europe on the edge, whithering Japan, China at risk - tune in again next week to see whether Flash Gordon escapes from mortal peril! The book ends on a somber note: "We will plant the seeds of an even more destructive crisis if we squander the opportunity ... to implement necessary reforms. That opportunity would be a terrible, indeed a tragic thing to waste." A year later, it doesn't look like his call has been heard.Highly recommended.

      1 person found this helpful

    • 4/5
      As a result of the current financial crisis I have become fascinated about economics, which surely has some irony given i struggled with my A level in Economics but hey ho. This book focuses on the fact that crisis is a normal part of economic cycles and as such should be guarded against which is something the current system doesn't essentially do. In the book the author (who forsaw the potential for a calamity well before it hit - no one listened!) explains the history of economic crises over the last few centuries, he explains what got us in trouble and suggest the ways we can guard against this in the future. Its a really interesting book that deals dispassionately with a subject that usually gets caught up in party politics, he suggests many things that need to happen to sort out the financial system which come from both left and right of the political spectrum which is really how politics should work frankly not the partisan politics you see around the world currently. A right winger will not always be correct, likewise nor will a left winger, on the whole the best way forward in most cases will be somewhere in the middle taking into account points from both side and this book shows what that way forward could and probably should be. A book ultimately that the government really should be reading if they truly want to sort out the financial situation the UK finds itself in.