Author: George Soros
Publisher: PublicAffairs Ltd
In the midst of one of the most serious financial upheavals since the Great Depression, George Soros, the legendary financier and philanthropist, writes about the origins of the crisis and proposes a set of policies that should be adopted to confront it. Soros, whose breadth of experience in financial markets is unrivalled, places the current crisis in the context of his decades of study of how individuals and institutions handle the boom-and-bust cycles that now dominate global economic activity. ‘This is a once in a lifetime moment,’ writes Soros in characterising the scale of financial distress spreading across Wall Street and other financial centers around the world.
In a concise essay that combines practical insight with philosophical depth, Soros makes an invaluable contribution to our understanding of the great credit crisis and its global implications.
‘Soros’ message for citizens, investors, politicians and regulators is to approach this new economy and new political order with humility. Be flexible and never dogmatic. Strive to find truth while realizing it’s unattainable. It’s false certainty that trips us up, in both investing and life.’
‘It’s time for a change in economic thinking, says Soros. The next generation of economists will have to understand financial bubbles rather than ignore them… They would be well advised to give Soros’s theory of reflexivity serious consideration.’
EDWARD CHANCELLOR, The Sunday Times (UK)
‘They’re wrong about oil, by George: In short, the standard economic assumption that supply and demand drive prices is only a starting point for understanding financial markets. In boom-bust cycles, the textbook theory is not just slightly inaccurate but totally wrong. This is the main argument made by George Soros in his fascinating book on the credit crunch, The New Paradigm for Financial Markets.’
Source for book review: http://scribepublications.com.au/books-authors/title/the-new-paradigm-for-financial-markets/
Available with: Arun Sharma