In 2008, a financial crisis that few had anticipated dealt a knockout punch to countries around the world. In 2018, many economies have regained much of their lost ground. But persistent problems remain, according to noted economists Carmen Reinhart and Vincent Reinhart in this insightful synthesis of the lessons learned. While no one knows when another calamity will hit, the classic human flaws of greed and complacency continue to make other such events likely. Analysts and students of economic history will find this a useful overview.
In this summary, you will learn
- How favorable economic conditions can give economists and other experts a false sense of security,
- Which human tendencies make future crises likely, and
- What actions government authorities should take to lessen the severity of upcoming financial crises.
About the Authors
Carmen Reinhart is a professor at Harvard Kennedy School. Vincent Reinhart is the chief economist at Standish Mellon Asset Management.