The Crash of 2008 and What it Means
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"This was a book that George Soros badly wanted to write. It is probably not what many of its readers expect to read. But it shows that in his deeper thinking about the way markets operate, Soros was several decades ahead of his time... His insights are clear and concisely expressed. They are worth reading for anyone interested in the topic." --Financial Times
The next generation of economists will have to understand financial bubbles rather than ignore them, as Greenspan and his fellow central bankers have done. They would be well advised to give Soros's theory of reflexivity serious consideration." --Sunday Times
"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, launched at an LSE lecture last night." --The Times
The next generation of economists will have to understand financial bubbles rather than ignore them, as Greenspan and his fellow central bankers have done. They would be well advised to give Soros's theory of reflexivity serious consideration." --Sunday Times
"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, launched at an LSE lecture last night." --The Times
Product Description
This updated edition (new in paperback and with 4 added chapters) will be both definitive on recent events, and is set to become an enduring & classic philosophical treatise on the financial markets. In the midst of the most serious financial upheaval since the Great Depression, legendary financier George Soros explores the origins of the crisis and its implications for the future.George Soros, whose breadth of experience in financial markets is unrivalled, places the current crisis in the context of 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 characterizing the scale of financial distress spreading across Wall Street and other financial centres 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 implications for the world.
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Most Helpful Customer Reviews
2 of 2 people found the following review helpful:
4.0 out of 5 stars
Crash of 2008,
This review is from: The Crash of 2008 And What It Means: The New Paradigm For Financial Markets (Paperback)
More about Soros' view on his own theory of reflexivity - broadly that contributors to a market influence the market by thought and/or actions. However, those actions may not be fully factored into predicted outcomes.Soros is agressively opinionated about so much that the book is a bit of a brow-beater. Soros does though have the integrity to admit that he is so often wrong. A super rich, successful hedge fund manager like Soros will always be tasken seriously even if his writing is off base: power without accountability.
5 of 6 people found the following review helpful:
4.0 out of 5 stars
Quite a good read,
By Corinna Witt (Berlin) - See all my reviews
This review is from: The Crash of 2008 And What It Means: The New Paradigm For Financial Markets (Paperback)
Surprisingly, this book was quite a good read even though I'm neither a banker nor investor and didn't understand the passages about financial products and investment schemes all that well. However, I find Soros' economic theory which he calls 'reflexivity' makes sense. Basically, what he says is that people seek to understand the world which they live in while at the same time manipulating it. This results in a distorted view and applied to economics means that none of the existing models can describe reality or predict the future. The trouble is that the complexity of reflexivity cannot be pressed into a scientific model and therefore only leaves us with a critique of existing economic theory.Quote: 'Not only has the prevailing paradigm - equilibrium theory, and its political derivative, market fundamentalism - proven itself incapable of explaining the current state of affairs, it can be held responsible for landing us in the mess we are in. We badly need a new paradigm.' I agree!
0 of 1 people found the following review helpful:
5.0 out of 5 stars
Financial common sense,
This review is from: The Crash of 2008 And What It Means: The New Paradigm For Financial Markets (Paperback)
George Soros' ability to predict the financial markets has confounded conventional economics, which have been proved wrong by the crash of 2008. Here Mr Soros outlines his philosophy, how the crash happened, and his proposals for making world economies work properly. George Soros' practical philosophy is applicable to all human activities.
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