Lords of Finance

Lords of Finance  (Paperback, Liaquat Ahamed)

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    Highlights
    • Binding: Paperback
    • Publisher: Penguin
    • ISBN: 9780099493082, 009949308X
    • Edition: 2010
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    Description

    Lords Of Finance: 1929, The Great Depression, And The Bankers Who Broke The World gives a vivid and dramatic account of how the actions of four powerful bankers led to the collapse of the world’s economy.

    Summary Of The Book

    The Wall Street Crash of 1929 and The Great Depression of 1930 are two events which brought down the world economy, and sealed the future of the coming generation. It is believed that this economic crisis was not in anybody’s control and that no person or government could control it. But in Lords Of Finance: 1929, The Great Depression, And The Bankers Who Broke The World, Liaquat Ahamed tells us how the actions and decisions of the men controlling some of the biggest central banks led to this crisis.

    The author tells us the story of these four men who ‘broke the world’ and brought down economies. They were the enigmatic and neurotic Montagu Norman of the Bank Of England, the brilliant and arrogant Hjalmar Schacht of Reichsbank, the overburdened Benjamin Strong of the Federal Bank Of New York, and Emile Moreau of the Banque de France.

    These four men tried to reconstruct and rebuild the world after the horrors of the first World War. Despite their differences and even the dislike for each other, the four held a common belief. According to them, the solution of the economic crisis was to go back to the gold standard. For a brief period, it seemed as if these amazingly brilliant men had managed to stabilize the world’s economy. But soon enough, the drawbacks of their plan became evident.

    Ahamed gives us the histories of these bankers and how their insistence on going back to the gold standards led to the biggest economic crisis the world has ever faced. The author points out how the economic meltdown could have been prevented, but for the wrong decisions of the most intelligent banking minds of the time. He also takes a look at the role of their constant and biggest critic, British economist, John Maynard Keynes.

    Ahamed’s book released in 2009, when the world was facing another major economic crisis. Coming at a time like this, it was a much needed reminder of how human folly could bring down the entire world. Lords Of Finance: 1929, The Great Depression, And The Bankers Who Broke The World won the 2009 Financial Times and Goldman Sachs Business Book Of The Year Award. It also won the Pulitzer Prize for History and the Spear’s Book Award in 2010. Ahamed’s much acclaimed book was also on the New York Times Bestseller list and the Time magazine’s Best Book of the year list.

    About Liaquat Ahamed

    Born in Kenya, Liaquat Ahamed has been an investment manager for 25 years.

    He has also written Economic Adjustment and Exchange Rates in Developing Countries.

    Ahamed has degrees from from Cambridge University and Harvard University. Ahamed has worked for World Bank. He is currently on the Brookings Institution’s Board of Trustees and is also an adviser to various hedge fund groups like Rohatyn Group and Creek Group.

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    Specifications
    Book Details
    Publication Year
    • 2010
    Contributors
    Author
    • Liaquat Ahamed
    Dimensions
    Width
    • 1.42 Inches (US)
    Height
    • 7.8 Inches (US)
    Depth
    • 39 inch
    Weight
    • 466.0 Grams
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    Ratings & Reviews
    4.5
    23 Ratings &
    5 Reviews
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    History

    Lords of Finance is a Pulitzer Prize and Goldman Sachs-FT Business Book of the Year award winner. It describes the events that led to The Great Depression of 1929. The author has done a remarkable job by going into the personal and professional details of characters and has described the events at great length. The flip side is the book, half-way through, has so many characters that it becomes nearly impossible to relate them to the past events.

    One may like to make note of characters while...
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    Amit Agarwal

    Certified Buyer

    Jan, 2012

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    5

    Good summary of The Great Depressesion

    You can't leave the chapter of The Great Depression if you have even a little interest in finance and economics. I pick up the book with a hope to get brief summary of the factors that takes the world into such a huge mess. I am thoroughly satisfied.

    Book is divided in few sections. Starting from pre WW1 scenarios, it goes through one after another phase of the history....WW1 and the de-coupling with gold standard. Effort of major economies to cover the lost ground during the WW1 and how bad...
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    Kaushal

    Certified Buyer

    Apr, 2012

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    5

    A cautionary tale of central bankers going wrong

    An absolute must-read! Liaquat Ahamed pores over the circumstances, personality quirks and the deep friendships amongst the central bankers of Europe and the USA in the '20s. The resulting narrative explores different conflicts faced by these bankers while they took the decisions that ultimately led to the downfall of the gold standard while bringing the First World to its knees.

    As other reviewers pointed out, there are many characters in this book, making it an intense read that requires ...
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    Vishaka Datta

    Certified Buyer, Bangalore

    Nov, 2014

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    3

    Moderate experience

    Personal details of the people involved have been so elaborately mentioned in between that you may miss economic events and consequences. I think family details or childhood stories in some cases may have been ignored. But at the end, good experience gained if you are a very patient reader.
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    Debasish Dinda

    Certified Buyer, Bharuch

    Dec, 2013

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    5

    A great book.

    I am yet to finish this - but given my progress through about 50 pages - I was blown away by the amount of substance that this book holds. Value for money.
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    Subha Ray

    Certified Buyer, Kolkata

    Nov, 2013

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