Fault Lines How Hidden Fractures Still Threaten the World Economy

ISBN-10: 0691152632
ISBN-13: 9780691152639
Edition: 2011 (Revised)
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Description: Raghuram Rajan was one of the few economists who warned of the global financial crisis before it hit. Now, as the world struggles to recover, it's tempting to blame what happened on just a few greedy bankers who took irrational risks and left the  More...

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Book details

List price: $13.95
Copyright year: 2011
Publisher: Princeton University Press
Publication date: 8/28/2011
Binding: Paperback
Pages: 280
Size: 5.50" wide x 8.50" long x 1.00" tall
Weight: 0.880
Language: English

Raghuram Rajan was one of the few economists who warned of the global financial crisis before it hit. Now, as the world struggles to recover, it's tempting to blame what happened on just a few greedy bankers who took irrational risks and left the rest of us to foot the bill. InFault Lines, Rajan argues that serious flaws in the economy are also to blame, and warns that a potentially more devastating crisis awaits us if they aren't fixed.Rajan shows how the individual choices that collectively brought about the economic meltdown--made by bankers, government officials, and ordinary homeowners--were rational responses to a flawed global financial order in which the incentives to take on risk are incredibly out of step with the dangers those risks pose. He traces the deepening fault lines in a world overly dependent on the indebted American consumer to power global economic growth and stave off global downturns. He exposes a system where America's growing inequality and thin social safety net create tremendous political pressure to encourage easy credit and keep job creation robust, no matter what the consequences to the economy's long-term health; and where the U.S. financial sector, with its skewed incentives, is the critical but unstable link between an overstimulated America and an underconsuming world.InFault Lines, Rajan demonstrates how unequal access to education and health care in the United States puts us all in deeper financial peril, even as the economic choices of countries like Germany, Japan, and China place an undue burden on America to get its policies right. He outlines the hard choices we need to make to ensure a more stable world economy and restore lasting prosperity.

Raghuram Rajan received his Ph.D. from MIT and has taught at Northwestern University's Kellogg School of Management and MIT in addition to the University of Chicago. He is a director of the American Finance Association and has consulted to a number of institutions, including the World Bank and the Fed.

Acknowledgments
Introduction
Let Them Eat Credit
Exporting to Grow
Flighty Foreign Financing
A Weak Safety Net
From Bubble to Bubble
When Money Is the Measure of All Worth
Betting the Bank
Reforming Finance
Improving Access to Opportunity in America
The Fable of the Bees Replayed
Epilogue
Afterword to the Paperback Edition
Notes
Index

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