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The book provides an understanding of the internal contradictions in capitalism and its tendency towards crises. Based on Minsky’s financial instability theory, the author extends the idea to look more broadly at the global financial system through the an examination of case studies, the most recent of which is the 2008 crisis.
I bought the book hoping that this book would, in an organized manner, walk me through all the crises/manias/panics/crashes, that have taken place throughout history. While this book does touch upon each of these crises, it does not do so in a coherent manner that is easy to grasp. This book has chapters that pertain to certain themes, such as the role of international lender of last resort, contagion, anatomy of a bubble, and in each chapter it talks about these crises in the context of the theme. So, a bit of each crisis is crammed in a single chapter. And what it also does not do is actually clearly demarcate each crises when they are talking about it in the chapter. The author floats from one crises to another and describes the area of the crises that falls into the chapter theme then compares the other crises immediately. This makes it difficult for a reader to comprehend what is being talked about because if I've covered 10 crises in light of a certain theme in the previous chapter, its really difficult to retain all that while revisiting the same in the next chapter. In the end you feel you know more about these crises, but I am sure no one will be able to talk about any single crises from the start to the end in one go after reading this book.
Das Standardwerk über Börsen- und Wirtschaftskrisen. Wer sich mit Aktien- und anderen Geldanlagen befasst, sollte unbedingt dieses Werk lesen, damit er mit Wirtschaftszyklen besser zurechtkommt. Weil Krisen und Rezessionen sich stark auf die Börse und ihre Bewertungen auswirken, ist es wichtig, mit ihnen und ihrem Verlauf vertraut zu sein. Jedermann fürchtet sich vor einem Crash, aber setzen uns wenig damit auseinander.
This book offers a perspective on global economics that I had not heard before. If rating this book purely on “does it make you see the world differently” I may give it five stars.
It is certainly not easy material, at least for me. In the sense that this is not a “pop finance” book, it was exactly what I was looking for. The writing is a bit dense, and I found myself asking “wait, why did that happen?” somewhat frequently during the author’s discussions of currency interactions (which is a hefty part of the book).
Overall, it offered me a new perspective and was worth the (somewhat challenging) read.