The Crisis Of Global Capitalism

Soros, George
ISBN:
9781891620270

The global economy, on which the world now depends more than ever, is in crisis. The Russian economy has collapsed, leading to punishing inflation and economic hardship. Scores of Japanese banks are in ruin while the Japanese government muddles along, the nation falling deeper and deeper into recession. The once-booming economies of Thailand, Malaysia, and Indonesia have imploded. Brazil and the rest of Latin America has begun to edge toward the precipice, and even in Europe and America the markets lurch violently, wiping out gains with each passing week. No one is better positioned to explain the current global financial crisis than George Soros, the man Morgan Stanley head Barton Biggs calls "the finest analyst of the world in our time." In The Crisis of Global Capitalism, Soros, chairman of Soros Fund Management (whose Quantum Fund is considered to have been the best performing investment fund in the world over the past thirty years), dissects the current crisis and economic theory in general, revealing how theoretical assumptions have combined with human behavior to lead to today's mess. He shows how unquestioning faith in market forces blinds us to crucial instabilities, and how those instabilities have chain-reacted to cause the current crisis--a crisis that has the potential to get much, much worse. Offering brilliant solutions to the global meltdown, based on years of Soros's own experience as a financier and philanthropist, this is essential reading for anyone involved with the new economy--that is, all of us. Editorial Reviews Charles R. Morris A very good book...A sharp attack on the assumptions behind conventional economics and the theory of finance. Soros....is obviously a very smart man, with a crisp writing style, considerable modesty and many useful things to say about global finance and the state of the world. -- Los Angeles Times Book Review Charles Wolf Jr. Some books stir as much interest for the celebrity of their authors as for what they actually say. George Soros' The Crisis of Global Capitalism might seem to be such a book...Mr. Soro's facts are unreliable...[his] emergency prescription is a formula for folly....Although in his personal philosophy Mr. Soros admirably advocates humility and the redemptive effects of recognizing personal 'fallibility,' he rarely displays either trait in this book. -- The Wall Street Journal William Greider The most successful hedge-fund manager in the world[Soros] is also an incisive critic of the system -- the unregulated global financial markets where he accumulated a billionaire's fortune many times overthe system that is now falling apart. --Rolling Stone Floyd Norris Brilliant and persuasive....At the heart of his argument are two beliefs: First, that the financial markets have grown so large and powerful that they can destroy countries, and second, that those same markets have now become so frightened that they will withdraw capital from most countries in the world. -- The New York Times Book Review Holman W. Jenkins Jr. ...Soros asks how the world got into its present fix. But he really seems to be asking, How did I get so rich?....[I]t is always a mistake to write a book and not tell readers what they most care to know. For him the age has truly been golden....We'd like to know why. -- National Review Booknews Expanding themes from his article "The Capitalist Threat" (February, 1997), market analyst and author Soros serves up a hodgepodge of theory, criticism, and advice. He describes how unquestioning faith in market forces blinds us to crucial instabilities, links those instabilities to the current crisis, and shows how the concept of open society (adapted from Karl Popper) can save civilization. Annotation c. Book News, Inc., Portland, OR (booknew.com) William Greider The most successful hedge-fund manager in the world, [Soros] is also an incisive critic of the system -- the unregulated global financial markets where he accumulated a billionaire's fortune many times over, the system that is now falling apart. -- Rolling Stone Business Week A brilliant narrative of what went wrong in Asia, Russia, and other emerging markets. Robert M. Solow The problem is that [Soros] wants to be a philosopher, indeed a sort of philosopher-king. In straining, he rveals a fundamental difficulty with the role....It is too damn hard. -- The New Republic Floyd Norris Brilliant and persuasive....At the heart of his argument are two beliefs: First, that the financial markets have grown so large and powerful that they can destroy countries, and second, that those same markets have now become so frightened that they will withdraw capital from most countries in the world. -- The New York Times Book Review International Herald Tribune A wake-up call from a man who knows his subject first-hand. Holman W. Jenkins Jr. ...Soros asks how the world got into its present fix. But he really seems to be asking, How did I get so rich?....[I]t is always a mistake to write a book and not tell readers what they most care to know. For him the age has truly been golden....We'd like to know why. -- National Review Anthony Neoh Two themes permeate the book: an assertion that financial markets are inherently unstable, and a contention that moral values have failed at national and international levels....His prescription for helping the world financial system get back on its feet and the establishment of an International Credit Insurance Corp. is worth serious consideration. At a time when it is difficult for most developing countries to raise capital internationally, this is a worthy idea, though whether it can perform more effectively than the International Monetary Fund remains debatable. -- Far Eastern Economic Review

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