Book Search:  

 

 
Google full text of our books:

bookjacket

Fault Lines:
How Hidden Fractures Still Threaten the World Economy
Raghuram G. Rajan
With a new afterword by the author

  • Raghuram G. Rajan, Winner of the 2013 Deutsche Bank Prize in Financial Economics, The Center for Financial Studies

  • Winner of the 2010 Business Book of the Year Award, Financial Times and Goldman Sachs

  • Winner of the 2010 PROSE Award in Economics, American Publishers Awards

  • Winner of the 2011 Gold Medal in Finance/Investment/Economics, Independent Publisher Book Awards

  • Winner of the 2010 Gold Medal Book of the Year Award in Business & Economics, ForeWord Reviews

  • Finalist for the 2010 Paul A. Samuelson Award, TIAA-CREF

  • Finalist for the 2010 Book of the Year Award in Business and Economics, ForeWord Reviews

  • One of strategy+business magazine's Best Business Books of the Year for 2010

  • Best Crisis Book by an Economist and Named one of Bloomberg News's Thirty Business Books of the Year for 2010

  • One of Financial Times's Books of the Year in Business & Economics, Nonfiction Round-Up for 2010

  • Finalist for the 2011 Estoril Global Issues Distinguished Book Prize

Paperback | 2011 | $17.95 / £12.50 | ISBN: 9780691152639
280 pp. | 5 1/2 x 8 1/2
| SHOPPING CART

eBook | ISBN: 9781400839803 |
Our eBook editions are available from these online vendors

Reviews | Table of Contents
Introduction[PDF] pdf-icon
A Q&A with author Raghuram Rajan

Google full text of this book:
 

 

(blog.chicagobooth.edu Interview)


Raghuram Rajan

Play video          
        (Financial Times Interview)
        

Read Rajan's Commentaries at

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. In Fault 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.

In Fault 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 G. Rajan is the Eric J. Gleacher Distinguished Service Professor of Finance at the University of Chicago Booth School of Business and former chief economist at the International Monetary Fund. He is the coauthor of Saving Capitalism from the Capitalists (Princeton).

Review:

"Fault Lines is a must-read."--Nouriel Roubini, Forbes.com

"[E]xcellent. . . . [Fault Lines] deserve[s] to be widely read in a time when the tendency to blame everything on catch-all terms like 'globalisation' is gaining ground."--Economist

"Like geological fault lines, the fissures in the world economic system are more hidden and widespread than many realize, he says. And they are potentially more destructive than other, more obvious culprits, like greedy bankers, sleepy regulators and irresponsible borrowers. Mr. Rajan . . . argues that the actions of these players (and others) unfolded on a larger world stage, that was (and is) subject to the imperatives of political economies. . . . [A] serious and thoughtful book."--New York Times

"A thought-provoking new book. . . . [Rajan's] voice is worth listening to."--Martin Wolf, Financial Times

"The book, published by Princeton University Press, saw off stiff competition from five others on the shortlist, to be chosen as 'the most compelling and enjoyable' business title of 2010. The final intense debate among the seven judges came down to a choice between Fault Lines and Too Big to Fail, Andrew Ross Sorkin's acclaimed minute-by-minute analysis of the collapse of Lehman Brothers. The book identifies the flaws that helped cripple the world financial system, prescribes potential remedies, but also warns that unless policymakers push through painful reforms, the world could be plunged into renewed turmoil."--Financial Times

"Rajan is worth reading not just because he was correct when few were but also because his writing is clear as a bell, even to nonspecialists."--Christopher Caldwell, Weekly Standard

More reviews

Table of Contents:

Acknowledgments ix
Introduction 1
Chapter One: Let Them Eat Credit 21
Chapter Two: Exporting to Grow 46
Chapter Three: Flighty Foreign Financing 68
Chapter Four: A Weak Safety Net 83
Chapter Five: From Bubble to Bubble 101
Chapter Six: When Money Is the Measure of All Worth 120
Chapter Seven: Betting the Bank 134
Chapter Eight: Reforming Finance 154
Chapter Nine: Improving Access to Opportunity in America 183
Chapter Ten: The Fable of the Bees Replayed 202
Epilogue 225
Afterword to the Paperback Edition 231
Notes 241
Index 257

This book has been translated into:

  • Portuguese

Other Princeton books authored or coauthored by Raghuram G. Rajan:

Subject Areas:

Paperback: Not for sale in India

Shopping Cart:

  • For ebooks:

Our eBook editions are available
from these online vendors:

  • Amazon Kindle Store
  • Apple iBooks
  • Barnes & Noble Nook Store
  • Google Play eBook Store
  • Kno eBook Store
  • Kobo eBook Store
  • Many of our ebooks are available through
    library electronic resources including these platforms:

  • Books at JSTOR
  • Ebrary
  • Ebook Library
  • EBSCO Ebooks
  • MyiLibrary
  • Dawsonera (UK)

  • Shopping Cart:

    • For hardcover/paperback orders:

      For hardcover/paperback orders in the United States, Canada, Latin America, Asia, and Australia

      Paperback: $17.95 ISBN: 9780691152639

      For hardcover/paperback orders in Europe, Africa, the Middle East, and India

      Paperback: £12.50 ISBN: 9780691152639

      Prices subject to change without notice

      File created: 7/11/2014

    Questions and comments to: webmaster@press.princeton.edu
    Princeton University Press

    New Book E-mails
    New In Print
    PUP Blog
    Videos/Audios
    Princeton APPS
    Sample Chapters
    Subjects
    Series
    Catalogs
    Princeton Legacy Library
    Textbooks
    Media/Reviewers
    Class Use
    Rights/Permissions
    Ordering
    Recent Awards
    Princeton Shorts
    Freshman Reading
    PUP Europe
    About Us
    Contact Us
    Links
    F.A.Q.
    PUP Home


    Bookmark and Share
    Send me emails
    about new books in:
    Economics
    Finance
    Political Science and International Relations
    More Choices
    Email:
    Country:
    Name: