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The Origin of Financial Crises: Central banks, credit bubbles and the efficient market fallacy
 
 
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The Origin of Financial Crises: Central banks, credit bubbles and the efficient market fallacy (Hardcover)

by George Cooper (Author)
4.8 out of 5 stars  See all reviews (9 customer reviews)
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Paperback (PB Edition of ISBN 9781905641857)

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Product details

  • Hardcover: 200 pages
  • Publisher: Harriman House Publishing; 1st edition (26 Aug 2008)
  • Language English
  • ISBN-10: 1905641850
  • ISBN-13: 978-1905641857
  • Product Dimensions: 23.4 x 15.5 x 2 cm
  • Average Customer Review: 4.8 out of 5 stars  See all reviews (9 customer reviews)
  • Amazon.co.uk Sales Rank: 23,198 in Books (See Bestsellers in Books)

    Popular in this category:

    #20 in  Books > Business, Finance & Law > Professional Finance > Banking

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Product Description

Review

"A must-read" --The Economist

"a well-written book" --Financial Times

"Awesomely lucid." --Dominic Lawson, The Independent


Product Description

The Origin of Financial Crises provides a compelling analysis of the forces behind today's economic crisis. In a series of disarmingly simple arguments George Cooper challenges the core principles of today's economic orthodoxy, explaining why financial markets do not obey the efficient market principles described in today's economic textbooks but are instead inherently unstable and habitually crisis prone.
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews

9 Reviews
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Average Customer Review
4.8 out of 5 stars (9 customer reviews)
 
 
 
 
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25 of 25 people found the following review helpful:
5.0 out of 5 stars COOPER HAS WRITTEN A READABLE MASTERPIECE, 7 Oct 2008
By Joseph C. Sharp "Heavy Photo User" (Rochester, MN USA) - See all my reviews
(REAL NAME)   
I completely agree with the positive recommendations of The Economist Magazine and the reviewer. George Cooper combines a strong technical and practical investment background to produce a modern study of the best management of our complex economy. I feel Cooper opens this subject up to every thoughtful investor {regardless their background) by writing in down-to-earth English. He uses everyday examples, like a baker making and selling bread. His clear understandings of the material and deep sympathy for the reader motivate his use of these everyday examples to eliminate the need for mathematical equations. He still maintains the needed precision.
I was persuaded that economic crises are inevitable, and enjoyed his ideas on how we might deal with them. I would like to recommend Cooper's clear, cogent presentation to every investor and student who is curious about how to improve our economy.
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20 of 20 people found the following review helpful:
5.0 out of 5 stars A perceptive book, 5 Oct 2008
This book asserts that whilst efficient market theory does fit trade in goods and services generally, the evidence does not support its fitting assets such as land, and shares. It argues that as a result of what the author sees as a state of denial by most economists, economic policy targets inflation or aims to maintain continuous economic growth. The author suggests, with arguments that are said to be based on the thoughts of Keynes and Minsky and seem compelling to a non-economist, that central banks should rather target asset/land price inflation.

The author is a control engineer and a financial analyst, and his arguments resonate with this reviewer who is also an engineer by origin. What would be interesting is to have reasoned comments from an open minded professonal economist.

That said the book is a good read and for the curious a very different analysis of the financial turmoil of 2008.
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21 of 22 people found the following review helpful:
5.0 out of 5 stars Excellent insight into the conditions that created the current financial crisis, 30 Sep 2008
172 page analysis of the origin of the current financial crisis. Author argues that the widely accepted Efficient Markets theory has dominated economic thinking of the management of the economy/financial markets. Alas, the facts do not support this theory. Crisis appear far more frequently that theory suggests. In fact, he argues that financial systems are prone to the formation of boom-bust cycles. As an example, rising property prices give lenders a false sense of security in increasing lending money, which in turn increases property prices, which in turn "justifies" lending the money and so on. He discusses the role of central banks and their failure to address the problems of excessive credit creation. Current solutions to the crisis include allowing markets to sort out the problem themselves (the Great Depression route);encourage yet another huge debt-fuelled spending spree; or let inflation rip thereby debasing the outstanding stock of debt. The author argues for a more regular "hand on the tiller" approach, preventing excesses from appearing in the economy. Highly recommended.
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Most Recent Customer Reviews

5.0 out of 5 stars this book is worth reading whether you agree with the author's views or not
I have always believed that to teach a technical subject to a non-technical audience; requires a teacher with an extremely good grasp of the subject. Read more
Published 5 months ago by Mr. J. Hudson

4.0 out of 5 stars Critical examination of the "efficient market" theory
Analyst George Cooper's book seems to prioritize passionate (although informed and understandable) advocacy over a strictly reportorial explanation of economic ideas. Read more
Published 5 months ago by Rolf Dobelli

5.0 out of 5 stars A book for Life
George Cooper book "The Origin of Financial Crises" will become a classic reference to be read by present and future generations. Read more
Published 7 months ago by Nabil Kobeissi

5.0 out of 5 stars Fine study of capitalism's failure
George Cooper, who has worked as a fund manager for Goldman Sachs and is now a principal of Alignment Investors, shows why capitalism's financial system does not work. Read more
Published 8 months ago by William Podmore

5.0 out of 5 stars What a great reading (who spoke about the dismal science?)
What a pleasure to read this small book that combines clarity, wit and depth in explainig the roots of financial crises like the one we have been experiencing since the summer of... Read more
Published 10 months ago by R. Cartaxo

4.0 out of 5 stars Clear and interesting
This book is one of the better things I have read about the financial crisis. It's a nicely-written and clearly argued case against the efficent markets hypothesis (EMH) and the... Read more
Published 11 months ago by tomsk77

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