Crisis Economics

Crisis Economics

A Crash Course in the Future of Finance

Book - 2010
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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.
Publisher: New York : Penguin Press, c2010
ISBN: 9781594202506
Branch Call Number: 338.542 ROU
Characteristics: x, 353 p. ; 24 cm
Additional Contributors: Mihm, Stephen 1968-

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LRS1969 Jan 06, 2015

Superb. Would simply love to see an update covering recent developments! It is apparent the unless justice, income equality improvements, and mutual regulations join Trade as part of globalization economy that the result WILL be more and more countries (including inside the "stable" European Union) turning more nationalistic and self focused and away from globalization... a nationalistic philosophy that led to the wars of conquest through the late 19th century and throughout the 20th century.

I would also STRONGLY recommend reading the works of economist Thomas Piketty!

As to "delfon", I would remind the words of Santayana... "Those who do not remember the past are doomed to repeat it".

l
Lukeinvancouver
Sep 27, 2012

Nouriel Roubini was one of the few economists who predicted the collapse of the US housing market and its dire consequences for most economies in the world. I found it entertaining to read. Maybe this is because my academic background is in economics, although it is written in easily understood terms by any intelligent reader. It is a book that should be read (in conjunction with many others that have been published about the recent financial crisis, which has yet to be resolved in my opinion) by anybody who is interested in the instability of financial markets. I think it is important to put this crisis in the context of other financial crises because as Carmen Reinhart and Kenneth Rogoff have shown in their influential book This Time Is Different that 800 years of financial crises prove the opposite of the title of their book. (If you are a VPL user you can have access to this important book electronically.)

d
delfon
Feb 06, 2012

Not too impressed. Although there are astute observations of what caused the crisis. The writing seems a bit mundane; ie using words like "bum assets", or "dues ex machina' kind of shows lack of phraseological experience. Unlike John Mauldin, he does not get a podium to lecture the congress of the USA.
I think he gets bogged down too much in historicity, and having read others in these regards, I find it a bit tediious to rehash the past, over and over, and he tries to make his point from his explanation....for such an expert, gotta give him only 2 stars....

w
writer13
Dec 22, 2011

A masterstroke of brilliance from one of the world's foremost erudite scholars. Roubini clearly demonstrates that what happened in 2008, far from being unpredictable, was in fact inevitable and will happen again. The suggestions made here for reforms are so logical it shows by the very fact that they haven't been inacted just how illogical finance is today. Diabolical indeed, his thoughts on compensation are required reading.

2
21288004246712
Nov 10, 2010

Informative review of the 2008 debt crisis, unfortunately his comments on addressing the current financial problems will likely be ignored and as a result a major sovereign default is possible within a few years

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