The New Financial Order: Risk in the 21st Century (Paperback)

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• This item: The New Financial Order: Risk in the 21st Century by Robert J. Shiller

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• The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do About It by R Shiller

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• The Origin of Financial Crises: Central banks, credit bubbles and the efficient market fallacy by George Cooper

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The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do About It by R Shiller 4.5 out of 5 stars (6)  £10.76

Irrational Exuberance: Second Edition by Robert J. Shiller 4.4 out of 5 stars (5)  £21.21

Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism by George A. Akerlof 4.4 out of 5 stars (7)  £12.69

The Origin of Financial Crises: Central banks, credit bubbles and the efficient market fallacy by George Cooper 4.8 out of 5 stars (9)  £11.89

Stabilizing an Unstable Economy by Hyman P. Minsky 5.0 out of 5 stars (1)  £13.74

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Review
Shiller's ambition is exhilarating, and gives his work something that most business books lack; a deep sense of how economic ideas might transform people's everyday lives.
(The New Yorker )

The New Financial Order [is] . . . easily accessible and pleasantly utopian.
(Washington Post )

Certain to be controversial.
(Publishers Weekly )

It is an understatement to say Shiller's book raises complex political, legal and economic questions. Some will probably never happen. But The New Financial Order is still worth a look. It casts some long-standing social problems in a new light, and it puts some fascinating ideas on the table.
(Andrew Cassel Philadelphia Inquirer )

While [his] ideas may sound unfamiliar--even radical--Shiller's reasoned case recalls earlier financial innovations such as stock and futures markets, life and unemployment insurance, and earned income tax credits. The earlier innovations addressed the financial and risk management needs of individuals and societies in the same way Shiller proposes for his concepts.
(Library Journal )

The good news, on Professor Shiller's analysis, is that it is now possible to conceive and construct trade-able indices that will allow insurers to offer protection against such things as industrial decline and demographically-induced pension shortfalls. If we all knew such insurance was available, we could afford more risks with our choice of career, to the benefit of the economy. Creativity is the lifeblood of capitalist economics. Emotional worries about the risk of unemployment are one of the biggest threats to continued innovation. . . . The data and technology to make a market in such things exists. All that is lacking, Professor Shiller says, is the will to make them a commercial reality.
(Jonathan Davis The Independent )

There are financial markets that help us manage fluctuations in corporate profitability and commodity prices. But there are no markets to help manage risks from fluctuations in labor markets and housing markets, even though these have a much bigger impact on most peoples' financial security. How could we design markets to help manage such risks? This challenging problem is examined in Robert J. Shiller's book The New Financial Order.
(Hal R. Varian New York Times )

[A] though-provoking book.
(Risk )

Livelihood insurance. Income-linked loans. Inequality insurance. These are some of the bold and imaginative ideas suggested by Robert Shiller. . . . [W]hile the practical barriers to some of Shiller's suggestions may be immense, there is much that is stimulating in this book. If one were to look 30 years ahead, it would be foolish to bet against at least one of his ideas being widely adopted.
(Philip Coggan Financial Times )

[Shiller's] ideas are striking, to put it mildly. . . . Mr. Shiller himself is doubtful that all his ideas will be adopted. But his book, which contains some fascinating history, is at the very least thought-provoking.
(The Economist )

Unemployment is up. Housing sales are weakening. Oil prices continue to fluctuate, and the stock market remains volatile. There's no doubt we live in risky times, yet our tools for managing risk are limited. . . . How could we design markets to help manage such risks? This challenging problem is examined in Robert J. Shiller's book. . . . Here Mr. Shiller turns to the role of financial institutions in managing risk. . . . It is said that behind every successful man is a surprised mother-in-law. If so, there could be quite a large market for such securities.
(Hal R. Varian New York Times )

Millions of individual investors could have saved themselves enormous sums of money, and an equivalent amount of grief, by taking Robert Shiller's advice three years ago. . . . Now Shiller is back with another book that also holds warnings of sorts--this time about societal wealth inequalities and the need to mitigate what he calls 'the risks that rally matter in our lives.' If Irrational Exuberance was a sober assessment of a situation that was well known yet widely defended--the nation's infatuation with stocks--The New Financial Order is a dissertation on problems many people don't know they have. . . . Shiller, however, has let his imagination run in this book.
(Tom Petruno Los Angeles Times )

In a non-technical way, Shiller engages readers in a wide-ranging consideration of risk and introduces novel ideas concerning the ways people identify, view, and guard against risk. . . . This topic may seem to appeal to a limited audience, but the author's style enables him to broach what might have been tedious topics in an entertaining way.
(Choice )

Review
Shiller has proved even bolder than we thought. . . . His ambitions are global and systemic. Shiller wants nothing less than to inspire and guide the redesign of the world financial system. The New Financial Order is ... a step-by-step description of what should be done to limit the damage done to people, and even entire nations, by capitalism's creative destruction.
(Peter Coy, "Business Week" )

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First Sentence
VISUALIZING THE MAJOR economic risks of the future is difficult. Read the first page Browse Sample Pages
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover

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2 Reviews 5 star:  (2) 4 star:    (0) 3 star:    (0) 2 star:    (0) 1 star:    (0)           Average Customer Review 5.0 out of 5 stars (2 customer reviews)		Share your thoughts with other customers: Create your own review
Most Helpful Customer Reviews   9 of 9 people found the following review helpful: 5.0 out of 5 stars A Must-Read!, 30 April 2003 By  Rolf Dobelli "getAbstract.com" (Switzerland) - See all my reviews (TOP 50 REVIEWER)    (REAL NAME)    This review is from: The New Financial Order: Risk in the 21st Century (Hardcover) Economist Robert Shiller became a household name when he published his previous bestseller Irrational Exuberance just as the dot.com boom was peaking. In The New Financial Order, he capitalizes on his celebrity to put forward a thoughtful, detailed proposal for managing economic risks. This highly readable book portrays a future in which many serious individual financial risks are dispersed to savvy global investors, thanks to technology. Imagine violinists being able to insure their careers in addition to their Stradivarius instruments, developing countries securing generous loans from the first world by tying the repayment schedules to their future GDPs and a revamped tax system preventing the gap between rich and poor from widening. We ....suggest this book to risk-management professionals who want to step back and look at the big picture, as well as to anyone who has a stake in creating new financial products to meet twenty-first century needs. Comment Comment | Permalink | Was this review helpful to you? Yes No (Report this)   1 of 1 people found the following review helpful: 5.0 out of 5 stars Does anyone think financial markets are fine as they are? I doubt it., 12 Jan 2007 By  M. J. Tanner "Pearl River" (Nottingham, United Kingdom.) - See all my reviews (REAL NAME)    The wheel's invention first took place a few thousands years ago in the the Fertile Crescent region, now occupied by Iran and Iraq. As with any now seemingly obvious invention, it's probable that the development would have encountered resistance, bemusement and mockery from stakeholders. Perhaps, for example, communities of farmhands might have tried to outlaw the wheel because one of its potential utilisations in harvesting may reduce the manual workload. Others may have ridiculed it as unnatural or thought the wheel pointless because of the lack of what we would now call 'roads.' It is easy to forget that many of our modern goods and services were once abstract ideas requiring invention, innovation, sacrifice, and struggle prior to their acceptance. The realm of risk and finance is no exception, baring in mind that there were no stock markets, futures exchanges or welfare programmes in the Garden of Eden - between then and now human vision and persistence has made them possible. The author invites us to become economic visionaries ourselves, contemplating where modern facilitative technologies may take risk management in the 21st century. His own conceptualisations feature inequality insurance; house-value insurance; income-linked loans and other notions that may seem illogical at first, but make perfect sense to those with modest understandings of the ebb and flow of economic history. Each of his concepts are accompanied by practical and theoretical input relating to their enactment. Emphasis is placed on mechanisms developed in the fields of cognitive and social psychology in order to outline means to encourage social acceptance of risk devices. Lessons are also derived from past financial innovations including social security, pension rights and life insurance, which serve as practical guides as well as interesting historical lessons. The New Financial Order is economics at its best, combining theory, philosophy and history to propose solutions rather than merely identify problems. It takes a lot of courage to play the role of 'financial futurist' and Shiller's effort should certainly be commended!' Comment Comment | Permalink | Was this review helpful to you? Yes No (Report this) Share your thoughts with other customers: Create your own review › See all 2 customer reviews...		Search Customer Reviews Only search this product's reviews

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