Summary of Crisis Economics

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Crisis Economics book summary
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Rating

8 Overall

8 Importance

7 Innovation

9 Style


Recommendation

Nouriel Roubini is the rare economist who, in the midst of a speculative bubble, accurately warned that the financial crisis of 2008 was coming. His bona fides established – and his “Dr. Doom” nickname well earned – Roubini and economics professor Stephen Mihm offer an insightful, entertaining look at the history and future of crashes. Get ready, Roubini warns: After a period of relative calm after the 1930s Great Depression, financial markets are in for a wild ride. He expects financial crashes to continue and offers advice for mitigating the damage, such as restructuring Wall Street bonuses and reining in big banks, although you may suspect that his recommendations will go unheeded. getAbstract recommends this book to investors and business leaders seeking a deeper understanding of the markets’ gyrations.

In this summary, you will learn

  • What the new reality of “crisis economics” is, and
  • How lawmakers and regulators could prevent a repeat of the 2008 fiscal crisis.
 

About the Authors

New York University economics professor Nouriel Roubini founded Roubini Global Economics and served in the White House from 1998 to 2000. University of Georgia history professor Stephen Mihm writes about economics and history for The New York Times Magazine.

 

Summary

“Crisis Economics” Replaces the “Efficient Markets Hypothesis”

If you think the “Great Recession” of 2008 and 2009 was unique, think again. It was strikingly similar to a long list of financial meltdowns, from the South Sea Bubble of 1720 and the crash of 1825 to the Great Depression, the 1980s US savings and loan debacle, and the Japanese Lost Decade of the 1990s.


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