โ Scribed by Raghuram G. Rajan
No coin nor oath required. For personal study only.
Raghuram Rajan was one of the few economists who warned of the global financial crisis before it hit. Now, as the world struggles to recover, it's tempting to blame what happened on just a few greedy bankers who took irrational risks and left the rest of us to foot the bill. In Fault Lines , Rajan argues that serious flaws in the economy are also to blame, and warns that a potentially more devastating crisis awaits us if they aren't fixed.
Rajan shows how the individual choices that collectively brought about the economic meltdown--made by bankers, government officials, and ordinary homeowners--were rational responses to a flawed global financial order in which the incentives to take on risk are incredibly out of step with the dangers those risks pose. He traces the deepening fault lines in a world overly dependent on the indebted American consumer to power global economic growth and stave off global downturns. He exposes a system where America's growing...
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Winner of the FT Goldman Sachs Business Book of the Year Award 2010 ‘Excellent … deserve[s] to be widely read’ – The Economist Raghuram Rajan was one of a handful of economists who foresaw the massive financial crisis that hit the world in 2008. In Fault Lines, Rajan makes a
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