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Fault Lines: How Hidden Fractures Still Threaten The World Economy (English)

Hardcover
Language: English
Length: 288 Pages
Publisher: Harpercollins Publishers
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Fault Lines: How Hidden Fractures Still Threaten The World Economy (English) (Hardcover) Price: Rs.474

In the aftermath of the 2008 financial crisis, eminent economist, Raghuram Rajan, examines persisting policy failures in world economics in this book.

Summary Of The Book

In 2005, Rajan presented a paper which expressed concerns over the international financial situation which was becoming increasingly risky. At that time, his ideas were categorically dismissed for being misguided. However, in less than three years, the US financial crisis came about which confirmed Rajan’s views, reinstating his prescience on world economics. In Fault Lines, Rajan reviews the ongoing developments in the world of finance and pinpoints problems that have persisted even after the meltdown.

Rajan states that in the present day economic structure, which is more integrated than ever before, the decisions of one institution would not only affect its own future but also the future of the entire economy. However, these fault lines are not a consequence of economics alone, they are in fact, driven more by politics. In this book, Rajan has tried to identify specific policy choices that world leaders need to make in order to avert future crises of such magnitude.

He retraces the roots of the crisis back to early 90s in the hope of understanding when and where various policies failed. In this, he focuses on leading world economies that had a major role to play in the build-up to the financial meltdown. He brings out their internal political pressures, their trade imbalances, and the resulting effects on international financial institutions.

About Raghuram G. Rajan

Raghuram G. Rajan is an eminent Indian economist. He is the Chief Economic Adviser to the Government of India.

He co-authored Saving Capitalism from the Capitalists with his fellow professor Luigi Zingales in 2004. His articles have appeared in leading journals including American Economic Review, Journal of Political Economy, and Oxford Review of Economic Policy.

His take on world economics is held as insightful and daring. He advocates supply-side improvements as a means to achieve economic stability. His views are based on well-established theoretical frameworks and counter prevalent opinions in the world of finance.

Rajan was born in 1963 in a Tamil family living in Bhopal. He received his PGD in business administration from the Indian Institute of Management, Ahmedabad and a PhD in management from MIT. He is currently the Eric J. Gleacher Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. He has previously served as the president of American Finance Association and the chief economist of IMF.

Specifications of Fault Lines: How Hidden Fractures Still Threaten The World Economy (English) (Hardcover)

Contributors
Author Raghuram G. Rajan
Book Details
Publisher Harpercollins Publishers
Imprint Collins
Publication Year 2010
ISBN-13 9788172239732
ISBN-10 8172239734
Language English
Edition 1st Edition
Binding Hardcover
Number of Pages 288 Pages
University Books Details
Specialization B.A(Economics)
Dimensions
Width 26.0 inch
Height 241.0 inch
Weight 520.0 g
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Book Reviews of Fault Lines: How Hidden Fractures Still Threaten The World Economy (English)

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★★★★★
★★★★★
28 Apr 2012
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certified buyer
The 2007 Crisis examined

The book is a must read for everyone and anyone in business, as it analyses rational responses and systemic flaws, and stays away form a witch hunt. It gives you a good understanding of international business, as well as the underlying forces and takes your mind to the big picture, teaching you to look at any situation from afar.

It is common to blame the big businesses for any and every financial crisis that takes place; whenever you go through one, the blame always goes to the big corporation - as if this corporation is a living entity who can think and act on its own. Second, there i...
()

The book is a must read for everyone and anyone in business, as it analyses rational responses and systemic flaws, and stays away form a witch hunt. It gives you a good understanding of international business, as well as the underlying forces and takes your mind to the big picture, teaching you to look at any situation from afar.

It is common to blame the big businesses for any and every financial crisis that takes place; whenever you go through one, the blame always goes to the big corporation - as if this corporation is a living entity who can think and act on its own. Second, there i...
The book is a must read for everyone and anyone in business, as it analyses rational responses and systemic flaws, and stays away form a witch hunt. It gives you a good understanding of international business, as well as the underlying forces and takes your mind to the big picture, teaching you to look at any situation from afar.

It is common to blame the big businesses for any and every financial crisis that takes place; whenever you go through one, the blame always goes to the big corporation - as if this corporation is a living entity who can think and act on its own. Second, there is always an undercurrent of suspicion that things were deliberately done... that every player was out to make a killing at any cost

And this is the attitude that this book seeks to change, it attempts to give the reader a wider perspective of the worldwide economic scenario and the forces that led to the meltdown without absolving anyone of any blame. It is not an attempt to protect any player; nor is the book overly critical or full of praise for any single person or entity. These value judgements have been left to the reader: it is merely an objective analysis of various forces that interacted as well as the several positions that were taken by the participants, It is this objective approach that, to my mind, makes this book such a praiseworthy book.

1 of 1 users found this review helpful.
★★★★★
★★★★★
01 Nov 2013
The 'certified buyer' badge indicates that this user has purchased this product on flipkart.com.
certified buyer
Objective Analysis of World Economy

I purchased this book almost close to a time when Raghuram Rajan has become the RBI governor. His research brings out certain key aspects:

(1) US economy behaved like a developing country (where sops and subsidies tend to take more importance) prior to 2007 in promising a house guarantee to everyone even when many of the people had sub-prime credit rating (The author brings out nice examples like a 70 year old woman being given housing loan in US even when her Income field was "Nil" in the application form)

(2) Economies like India and Brazil took a balanced approach in so far t...
()

I purchased this book almost close to a time when Raghuram Rajan has become the RBI governor. His research brings out certain key aspects:

(1) US economy behaved like a developing country (where sops and subsidies tend to take more importance) prior to 2007 in promising a house guarantee to everyone even when many of the people had sub-prime credit rating (The author brings out nice examples like a 70 year old woman being given housing loan in US even when her Income field was "Nil" in the application form)

(2) Economies like India and Brazil took a balanced approach in so far t...
I purchased this book almost close to a time when Raghuram Rajan has become the RBI governor. His research brings out certain key aspects:

(1) US economy behaved like a developing country (where sops and subsidies tend to take more importance) prior to 2007 in promising a house guarantee to everyone even when many of the people had sub-prime credit rating (The author brings out nice examples like a 70 year old woman being given housing loan in US even when her Income field was "Nil" in the application form)

(2) Economies like India and Brazil took a balanced approach in so far that they have tried to build their domestic markets first before looking at exports. At the same time, countries like Japan and Germany are too much export oriented and especially dependent on US for their goods and when US economy tumbled they also spiralled out of control because they did not have a well developed domestic market to support their goods.

(3) He touches upon the role of Central bankers and their roles as well. I especially liked his analysis of Alan Greenspans' role and the 2000 dotcom bubble and how the Central bank's low interest rates (even when the fundamentals are not right) can push the economy out of control even though prolonging it. (No wonder there was such a long period between 1984 and 2000 recession due to US Central Bank's stimulus but ultimately the bubble did explode).

Thanks to Flipkart for excellent and on time delivery .

1 of 1 users found this review helpful.
★★★★★
★★★★★
02 May 2014
The 'certified buyer' badge indicates that this user has purchased this product on flipkart.com.
certified buyer
Flawless Diagnosis

Rajan provides a flawless diagnosis of the financial crisis that shook the American economy and the contagion that rocked the world. Unlike many analysts who indulge only in a theoretical analyses, he suggests a strategy to prevent such a crisis in the future. His prescription appears plausible, "doable". Most of the book relates to the USA. However, there seem to be very little of his prescription happening on the ground. Even the universal health insurance seems to be foundering.
The analyses of the Chinese economy is also very interesting. In Rajan ' s understanding the tr...
()

Rajan provides a flawless diagnosis of the financial crisis that shook the American economy and the contagion that rocked the world. Unlike many analysts who indulge only in a theoretical analyses, he suggests a strategy to prevent such a crisis in the future. His prescription appears plausible, "doable". Most of the book relates to the USA. However, there seem to be very little of his prescription happening on the ground. Even the universal health insurance seems to be foundering.
The analyses of the Chinese economy is also very interesting. In Rajan ' s understanding the tr...
Rajan provides a flawless diagnosis of the financial crisis that shook the American economy and the contagion that rocked the world. Unlike many analysts who indulge only in a theoretical analyses, he suggests a strategy to prevent such a crisis in the future. His prescription appears plausible, "doable". Most of the book relates to the USA. However, there seem to be very little of his prescription happening on the ground. Even the universal health insurance seems to be foundering.
The analyses of the Chinese economy is also very interesting. In Rajan ' s understanding the trade imbalance does not augur well for world economy. He feels that this is not sustainable. This is not new as many analysts have felt this way but China seems to be in a different orbit altogether. Only time will tell whether the apprehensions expressed by Rajan prove to be true.
Rajan sticks his neck out to provide a prescription also for India. Now that he is in the hot seat and in a position to influence policies, he will have to demonstrate that his ideas can be implemented by actually implementing them. His real challenge would be in terms of packaging his ideas in a manner so as to make them politically acceptable. He has his task cut out.

0 of 0 users found this review helpful.
★★★★★
★★★★★
22 Dec 2013
The 'certified buyer' badge indicates that this user has purchased this product on flipkart.com.
certified buyer
Masterly chapter on India by Mr Rajan

I bought ' Fault Lines: How Hidden Fractures Still Threaten the World Economy' upon my daughter's request (she is a post graduate student of Economics), but I too was interested in getting an idea of the book, because of the author's star reputation.

I greatly valued the chapter on India (as far as I can recall, it's called India: what lies ahead) as one of the best summing up of the socio economic situation of India at present. I found it illuminating and quite brilliant. Many of the things I had personally experienced, but not clearly understood, became crystal clear thanks to Mr Rajan's...
()

I bought ' Fault Lines: How Hidden Fractures Still Threaten the World Economy' upon my daughter's request (she is a post graduate student of Economics), but I too was interested in getting an idea of the book, because of the author's star reputation.

I greatly valued the chapter on India (as far as I can recall, it's called India: what lies ahead) as one of the best summing up of the socio economic situation of India at present. I found it illuminating and quite brilliant. Many of the things I had personally experienced, but not clearly understood, became crystal clear thanks to Mr Rajan's...
I bought ' Fault Lines: How Hidden Fractures Still Threaten the World Economy' upon my daughter's request (she is a post graduate student of Economics), but I too was interested in getting an idea of the book, because of the author's star reputation.

I greatly valued the chapter on India (as far as I can recall, it's called India: what lies ahead) as one of the best summing up of the socio economic situation of India at present. I found it illuminating and quite brilliant. Many of the things I had personally experienced, but not clearly understood, became crystal clear thanks to Mr Rajan's exposition. For example, it's the poor people who need the public sector (government) services, much more than the middle and upper classes, for example, health care. All the services we middle classes have access to because of affluence, which we obtain from the private sector, are denied to the poor, who have to rely on the indifferent, poor quality, degrading services provided by the government. Because of this, our (middle classes) lives are so much easier and better. In fact, with money, life in India is not bad at all but quite alright!
Mr Rajan has made it quite clear that India cannot really progress as a nation with such stark inquality in its society.

Mr Rajan's grasp of the socio economic reality of present day India is masterly and presented in effortless and fluent language anybody can understand.

0 of 0 users found this review helpful.
★★★★★
★★★★★
16 Sep 2013
The 'certified buyer' badge indicates that this user has purchased this product on flipkart.com.
certified buyer
Great Book, Definitely Worth Buying for every market enthusiast

I have been follwing Raghuram Rajan for quite some time now. His papers, speeches, books inspire and tell so much about market and economy. Being one of the handful economists in the world to predict the 2008 economic slow down - This book talks a lot about it.

A must read for every person who knows about market, has interest in economy and is curious to understand the reasons behind the fallout. Even if you are not a finance graduate, this book still gives a lot of room and flexibility to understand various terminologies in a very simple manner.

Nonetheless, as always, I appreciate fli...
()

I have been follwing Raghuram Rajan for quite some time now. His papers, speeches, books inspire and tell so much about market and economy. Being one of the handful economists in the world to predict the 2008 economic slow down - This book talks a lot about it.

A must read for every person who knows about market, has interest in economy and is curious to understand the reasons behind the fallout. Even if you are not a finance graduate, this book still gives a lot of room and flexibility to understand various terminologies in a very simple manner.

Nonetheless, as always, I appreciate fli...
I have been follwing Raghuram Rajan for quite some time now. His papers, speeches, books inspire and tell so much about market and economy. Being one of the handful economists in the world to predict the 2008 economic slow down - This book talks a lot about it.

A must read for every person who knows about market, has interest in economy and is curious to understand the reasons behind the fallout. Even if you are not a finance graduate, this book still gives a lot of room and flexibility to understand various terminologies in a very simple manner.

Nonetheless, as always, I appreciate flipkart for its great service..

Happy Reading.. :)

0 of 0 users found this review helpful.

Recent Top Reviews

View all
★★★★★
★★★★★
02 May 2014
The 'certified buyer' badge indicates that this user has purchased this product on flipkart.com.
certified buyer
Flawless Diagnosis

Rajan provides a flawless diagnosis of the financial crisis that shook the American economy and the contagion that rocked the world. Unlike many analysts who indulge only in a theoretical analyses, he suggests a strategy to prevent such a crisis in the future. His prescription appears plausible,... (View complete review)

★★★★★
★★★★★
29 Apr 2014
The 'certified buyer' badge indicates that this user has purchased this product on flipkart.com.
certified buyer
answer to the WHY? of modern day economics

For all those who hear about slowdowns, boom, crunches and are intimidated by the pink colored newspapers... if you are tired of jargon and conjecture.. in this book you will find your answers... great read.. (View complete review)

★★★★★
★★★★★
07 Apr 2014
The 'certified buyer' badge indicates that this user has purchased this product on flipkart.com.
certified buyer
Read it if you want to understand how policy makers should think

This is a great piece of literature on the financial crisis. This man is a genius. Very lucid writing and clear concepts. You may have to use the wikipedia with the book, but it will totally worth it. (View complete review)

★★★★★
★★★★★
06 Apr 2014
The 'certified buyer' badge indicates that this user has purchased this product on flipkart.com.
certified buyer
excellent

First about the book. Its brilliant. Rajan was one of the few who saw the crisis coming. His book gives an explanation of what went went wrong and gives a framework to avoid a recurrence.

you ever wanted to know how the world economy works: interest rates, currency devaluation, credit spreads.....
(View complete review)

    Book: Fault Lines: How Hidden Fractures Still Threaten The World Economy (English) by Raghuram G. Rajan
    ISBN Number: 8172239734, 9788172239732, 978-8172239732

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