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Fault Lines: How Hidden Fractures Still Threaten The World Economy

Hardcover
Language: English
Length: 288 Pages
Publisher: HARPARCOLLINS PUBLISHERS I LTD
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Fault Lines: How Hidden Fractures Still Threaten The World Economy By Raghuram G. Rajan
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Fault Lines: How Hidden Fractures Still Threaten The World Economy (Hardcover) Price: Rs.449

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 (Hardcover)

Contributors
Author Raghuram G. Rajan
Book Details
Publisher HARPARCOLLINS PUBLISHERS I LTD
Publication Year 2010
ISBN-13 9788172239732
ISBN-10 8172239734
Language English
Edition 1st Edition
Binding Hardcover
Number of Pages 288 Pages
Dimensions
Height 0.39 inch
Weight 522 g
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Book Reviews of Fault Lines: How Hidden Fractures Still Threaten The World Economy

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Most Helpful Reviews (10 of 28)

26 August 10
first to review
Great Book

If you ever wanted to know how the world economy works: interest rates, currency devaluation, credit spreads....and every other term in economics you must read this book. It will be recommended by most universities worldwide.

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92% of 36 users found this review helpful.
11 November 10
The book is great and so is flipkart

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.

And @Mohit, can you please tell me where we should buy our books from? I haven't found a better Indian site than flipkart. They have great range and prices, have found books for me which weren't available initially and have always delivered on time or earlier. The only comparable e-tailer for books is Infibeam but Flipkart has more titles and has lower prices most of the time.

Your statement that they never deliver is factually wrong.

Flipkart is a blessing for readers in India. Enjoy it

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83% of 18 users found this review helpful.
15 April 11
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economic crumbs

Raghuram Rajan has beautifully explained the economic phenomenon and the machinery that collapsed. The American economy is very susceptible to even subtle changes as the market forces play more or less freely there. but i do not understand why there is such a hype about this recession. There was the Great Depression of the 1930s and then this recession. A boomperiod in an economy is almost necessarily followed by a slump---given the condition that market forces are allowed to play freely---. The question is whether we are financially equipped to see the slump through and how fast we recover. The author's predictions about India too is absolutely correct. India does not have a strong economic base as yet in so far the economic forces in this country are all heavily controlled inspite of all the so caaled 'reforms' whatever those are. However, we need not fear the world recession as it cannot touch us. We are not a part of the world market. Too scared to tread the deep waters even after 63 yrs of 'freedom'?

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6 of 6 users found this review helpful.
18 March 11
Best Services, Low Price

@Mohit: I have ordered atleast 7 to 8 times from flipkart and not ONCE there was any problem for me. Prices are best and delivery is quick. Infact now they have started their very own delivery service which is quicker than normal couriers.

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73% of 11 users found this review helpful.
★★★★★
★★★★★
28 April 12
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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 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.

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1 of 1 users found this review helpful.
★★★★★
★★★★★
01 November 13
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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 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 .

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0 of 0 users found this review helpful.
★★★★★
★★★★★
22 December 13
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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 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.

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20 May 11
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Fault Lines: How Hidden Fractures Still Threaten The World Economy

One of the best books on Global Economics that I have read in recent times. The author is has been associated with the IMF and has been an economic advisor to US and the Indian Govt. His experience clearly shows in the way he explains otherwise complicated things in a very easy to understand manner. Especially recommended if you want to understand the basic reasons for the economic crisis of 2008 and why the recovery from this recession has taken unusually long and what implications it might have in the long run.

Kudos to the author, the book is worth every penny!!!

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3 of 3 users found this review helpful.
★★★★★
★★★★★
16 September 13
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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 flipkart for its great service..

Happy Reading.. :)

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0 of 0 users found this review helpful.
★★★★★
★★★★★
05 March 14
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Well written, informative and to same extent an eye openner

I don't have to write much about the author, as we all know he is good at what he does. This book is no exception to this belief. The book has indeed become one of my favourite on Capitalism/Economics. I am simply impressed by the writing of the author and his calibre to explain complicated problems in a much simpler way.The author explains the fundamental problems related to economies on one hand and also suggest solutions for the same. The book also explains how the global economies have interlinked the economies of a nation to the others. I would recommend it to someone who is interested to understand the basic of global economics.

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0 of 0 users found this review helpful.

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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 m...

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07 April 14
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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...

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06 April 14
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2007 Crisis best explained

Brilliantly explained chapters give insight on how various factors and institutions contribute to the growth/slowdown or even c...

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11 March 14
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Fascinating

The great thing about this book is even if you don't have the understanding of the Economics, this book gives you perfect cue a...

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10 March 14
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★★★★★
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Well written, informative and to same extent an eye openner

I don't have to write much about the author, as we all know he is good at what he does. This book is no exception to this belie...

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05 March 14
    Book: Fault Lines: How Hidden Fractures Still Threaten The World Economy by Raghuram G. Rajan
    ISBN Number: 8172239734, 9788172239732, 978-8172239732

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