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Fault Lines: How Hidden Fractures Still Threaten the World Economy
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About Fault Lines: How Hidden Fractures Still Threaten
Review "Raghuram G. Rajan, Winner of the 2013 Deutsche Bank Prize in Financial Economics, The Center for Financial Studies""Winner of the 2010 Business Book of the Year Award, Financial Times and Goldman Sachs""Winner of the 2011 Gold Medal in Finance/Investment/Economics, Independent Publisher Book Awards""Winner of the 2010 PROSE Award in Economics, American Publishers Awards""Winner of the 2010 Gold Medal Book of the Year Award in Business & Economics, ForeWord Reviews""Finalist for the 2010 Paul A. Samuelson Award, TIAA-CREF""Finalist for the 2010 Book of the Year Award in Business and Economics, ForeWord Reviews""One of strategy+business magazine's Best Business Books of the Year for 2010""Best Crisis Book by an Economist and Named one of Bloomberg News's Thirty Business Books of the Year for 2010""One of Financial Times's Books of the Year in Business & Economics, Nonfiction Round-Up for 2010""Finalist for the 2011 Estoril Global Issues Distinguished Book Prize""Fault Lines is a must-read."---Nouriel Roubini, Forbes.com"[E]xcellent. . . . [Fault Lines] deserve[s] to be widely read in a time when the tendency to blame everything on catch-all terms like 'globalisation' is gaining ground." ― Economist"Like geological fault lines, the fissures in the world economic system are more hidden and widespread than many realize, he says. And they are potentially more destructive than other, more obvious culprits, like greedy bankers, sleepy regulators and irresponsible borrowers. Mr. Rajan . . . argues that the actions of these players (and others) unfolded on a larger world stage, that was (and is) subject to the imperatives of political economies. . . . [A] serious and thoughtful book." ― New York Times"A thought-provoking new book. . . . [Rajan's] voice is worth listening to."---Martin Wolf, Financial Times"The book, published by Princeton University Press, saw off stiff competition from five others on the shortlist, to be chosen as 'the most compelling and enjoyable' business title of 2010. The final intense debate among the seven judges came down to a choice between Fault Lines and Too Big to Fail, Andrew Ross Sorkin's acclaimed minute-by-minute analysis of the collapse of Lehman Brothers. The book identifies the flaws that helped cripple the world financial system, prescribes potential remedies, but also warns that unless policymakers push through painful reforms, the world could be plunged into renewed turmoil." ― Financial Times"Rajan is worth reading not just because he was correct when few were but also because his writing is clear as a bell, even to nonspecialists."---Christopher Caldwell, Weekly Standard"The left has figured out who to blame for the financial crisis: Greedy Wall Street bankers, especially at Goldman Sachs. The right has figured it out, too: It was government's fault, especially Fannie Mae and Freddie Mac. Raghuram Rajan of the University of Chicago's Booth School of Business says it's more complicated: Fault lines along the tectonic plates of the global economy pushed big government and big finance to a financial earthquake. To him, this was a Greek tragedy in which traders and bankers, congressmen and subprime borrowers all played their parts until the drama reached the inevitably painful end. (Mr. Rajan plays Cassandra, of course.) But just when you're about to cast him as a University of Chicago free-market stereotype, he surprises by identifying the widening gap between rich and poor as a big cause of the calamity."---David Wessel, Wall Street Journal"In a new book . . . entitled Fault Lines, Rajan argues that the initial causes of the breakdown were stagnant wages and rising inequality. With the purchasing power of many middle-class households lagging behind the cost of living, there was an urgent demand for credit. The financial industry, with encouragement from the government, responded by supplying home-equity loans, subprime mortgages, and auto loans. . . . The side effects of unrestrained
