Summary of The New Financial Order

Risk in the Twenty-First Century

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The New Financial Order
getAbstract International Book Award Winner 2003

Rating

10 Overall

8 Applicability

10 Innovation

9 Style

 

Review

Economist Robert Shiller became a household name when he published his previous bestseller Irrational Exuberance just as the dot.com boom was peaking. In The New Financial Order, he capitalizes on his celebrity to put forward a thoughtful, detailed proposal for managing economic risks. This highly readable book portrays a future in which many serious individual financial risks are dispersed to savvy global investors, thanks to technology. Imagine violinists being able to insure their careers in addition to their Stradivarius instruments, developing countries securing generous loans from the first world by tying the repayment schedules to their future GDPs and a revamped tax system preventing the gap between rich and poor from widening. getAbstract suggests this book to risk-management professionals who want to step back and look at the big picture, as well as to anyone who has a stake in creating new financial products to meet twenty-first century needs.

In this summary, you will learn

  • How advances in information technology can help you manage major economic risks
  • Six proposed, new financial instruments for such risk management
 

Summary

Invisible Risks
Economic risks are not usually regarded as the subject of polite dinner-table conversation. Public officials who relentlessly stress the upside have conditioned us to believe that the economic progress of the twentieth century made finances less risky. Since many of these...
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About the Author

Robert J. Shiller is the Stanley B. Resor Professor of Economics at Yale University. He is the author of Macro Markets, which won the first annual Paul A. Samuelson Award of TIAA-CREF, and Irrational Exuberance, which was a New York Times bestseller.


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