The Shifts and the Shocks

The Shifts and the Shocks

What We've Learned- and Have Still to Learn- From the Financial Crisis

Book - 2014
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"The book identifies the origin of the crisis in the complex interaction between globalization, hugely destabilizing global imbalances and our dangerously fragile financial system. In the eurozone, these sources of instability were multiplied by the tragically defective architecture of the monetary union. It also shows how much of the orthodoxy that shaped monetary and financial policy before the crisis occurred was complacent and wrong. In doing so, it mercilessly reveals the failures of the financial, political and intellectual elites who ran the system. The book also examines what has been done to reform the financial and monetary systems since the worst of the crisis passed. "Are we now on a sustainable course?" Wolf asks. "The answer is no." He explains with great clarity why "further crises seem certain" and why the management of the eurozone in particular "guarantees a huge political crisis at some point in the future." Wolf provides far more ambitious and comprehensive plans for reform than any currently being implemented"-- Provided by publisher.
"From the chief economic commentator for the Financial Times, a brilliant tour d'horizon of the new global economy and its trajectory There have been many books that have sought to explain the causes and courses of the financial and economic crisis which began in 2007-8. The Shifts and the Shocks is not another detailed history of the crisis, but the most persuasive and complete account yet published of what the crisis should teach us about modern economies and economics. The book identifies the origin of the crisis in the complex interaction between globalization, hugely destabilizing global imbalances and our dangerously fragile financial system. In the eurozone, these sources of instability were multiplied by the tragically defective architecture of the monetary union. It also shows how much of the orthodoxy that shaped monetary and financial policy before the crisis occurred was complacent and wrong. In doing so, it mercilessly reveals the failures of the financial, political and intellectual elites who ran the system. The book also examines what has been done to reform the financial and monetary systems since the worst of the crisis passed. "Are we now on a sustainable course?" Wolf asks. "The answer is no." He explains with great clarity why "further crises seem certain" and why the management of the eurozone in particular "guarantees a huge political crisis at some point in the future." Wolf provides far more ambitious and comprehensive plans for reform than any currently being implemented. Written with all the intellectual command and trenchant judgment that have made Martin Wolf one of the world's most influential economic commentators, The Shifts and the Shocks matches impressive analysis with no-holds-barred criticism and persuasive prescription for a more stable future. It is a book no one with an interest in global affairs will want to neglect. "-- Provided by publisher.
Publisher: New York : Penguin Press HC, The, 2014
ISBN: 9781594205446
1594205442
Branch Call Number: 330.90511 WOLF
Characteristics: xxii, 465 pages : illustrations ; 24 cm

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SirWhiskers
Oct 30, 2014

A very interesting, detailed analysis of the global financial system and what went wrong in the 2000's. The book is not an easy read - the author slips in jargon and presents concepts common to Econ students, but not laypersons. Even so, I found the book well worth the effort. Recommended.

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StarGladiator
Oct 08, 2014

This guy is a financial twerker; he is twerking economics and global finance to the max - - totally obscene! What a crock - - with blurbs from Larry Summers and Ben Bernanke, of course! This author does mention, in a rather lengthy book, several accurate items, but glosses over them to almost trivialize them! His definition of the Credit Default Swap is incredibly nebulous. [Akin to being asked for a detailed descripton of an auto; internal combusion engine, drive train, braking system, et cetera, and the person responds, Metal that moves!] Sheesh! He writes that that econ grad students Thomas Herndon et al. /// argue that the paper [austerity paper by Rogoff and Reinhart, Harvard-tards] contained a coding error \\\ actually, they pointed out blatant errors which completely nullified Rogoff and Reinhart's pathetic, grade-school level paper! Will you be more confused or more enlightened after reading this book? More, much more confused. [His basic premise is that these financial fraud tools were MISUNDERSTOOD, and it is just a coincidence that the super-rich who did all the misunderstanding walked away with all the profits while forcing, or attempting to force, austerity on the rest of us!] Wolf was completely caught by surprise by the global meltdown, something a group I was with predicted back in 2000.

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