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Alchemists of Loss
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Review
‘“…written with elegance and wit: it sweeps the reader along…a tremendously stimulating read, and strong fuel for the reform debate.” (Financial World, July/August 2010).
‘...[an] entertaining new book...’ (Financial Times, August 2010).
‘… a fascinating, troubling read.’ (City AM, December 2010).
Product Description
An engaging look at how modern finance almost destroyed our global economy
Over the last thirty years, capital markets have been restructured through the tenets of modern finance. This has been enormously profitable for the financial services sector. However, these innovations, coupled with unsound risk and regulatory practices have proved disastrous for the global economy.
In a clear and accessible style, ex–investment banker and financial journalist Martin Hutchinson, and highly respected academic, Kevin Dowd show how modern finance combined with easy money threatened to bring down the world financial system. At the heart of the book is modern finance as a U.S. invention, the theories and practices associated with them, and the changes they made in business models and risk management on Wall Street and other major financial centers.
- Breaks down the events involved in the 2007–08 financial collapse
- Reveals how botched policy response made a bad situation worse
- Focuses on lessons that the practice of finance must learn from recent events
The Alchemists of Loss will help you to understand how our financial system crashed and show you what it will take to make sure this won′t happen again as we move forward.
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4 reviews
12 of 13 people found the following review helpful
Interesting & detailed analysis with incomplete recommendations
28 Nov 2010
Format:Hardcover
I wanted to like this book. And I did in many ways. But not enough to give it a higher rating. I appreciated the detailed discussion of "Modern Finance". I appreciated the discussions of the various transgressions of financial institutions without blaming "the free market". The discussion of managerial capitalism was fascinating. Nuggets such as the impact of the estate tax on corporate structure were also illuminating. There is also an interesting and fresh discussion on how Greenspan's policies evolving over his term.
I did find some chapters were so dense with mathematical analysis that I mostly skimmed them. (To the authors' credit, they acknowledge such at the beginning of chapter 15 by suggesting that it could be optional for some readers.)
The broad recommendations of stricter monetary controls, reduction in the scope of deposit insurance, and restrictions on future bailouts of financial institutions seemed quite sound. The overall tone that our financial systems would be better served with less government actions and less regulation was also compelling to me (acknowledging my own confirmation bias.)
I did find chapter 16 to be a little muddy. The authors suggest various reforms of corporate governance while seemingly ignoring how these reforms might be implemented without additional government interventions. To my eyes, the authors fell into the trap that all we need is better regulations of financial institutions and corporations without acknowledging the incentives that governments and legislatures have when crafting such regulations.
For US readers, keep in mind that the book is mostly written from a UK perspective. Not completely, for sure, but enough that I was forced to pause regularly to make sure I understood what was being presented.
I did find some chapters were so dense with mathematical analysis that I mostly skimmed them. (To the authors' credit, they acknowledge such at the beginning of chapter 15 by suggesting that it could be optional for some readers.)
The broad recommendations of stricter monetary controls, reduction in the scope of deposit insurance, and restrictions on future bailouts of financial institutions seemed quite sound. The overall tone that our financial systems would be better served with less government actions and less regulation was also compelling to me (acknowledging my own confirmation bias.)
I did find chapter 16 to be a little muddy. The authors suggest various reforms of corporate governance while seemingly ignoring how these reforms might be implemented without additional government interventions. To my eyes, the authors fell into the trap that all we need is better regulations of financial institutions and corporations without acknowledging the incentives that governments and legislatures have when crafting such regulations.
For US readers, keep in mind that the book is mostly written from a UK perspective. Not completely, for sure, but enough that I was forced to pause regularly to make sure I understood what was being presented.
7 of 8 people found the following review helpful
An excellent analysis of the latest crisis
22 Dec 2010
Format:Hardcover
Well, I think this one might just be one of the best books recreating the tragic events that led to the disaster of 2007-2008. Their analysis about "modern finance", involving portfolio theory, VAR theory, and all new derivative markets and managerial shift in finances is short from spectacular.
I loved it, but I must agree is not too easy to digest, even though the authors show they are doing their best.
I recommend it to anyone with (at least) basic knowledge in finances and who's interested in finding out what really went wrong in the latest crisis.
I loved it, but I must agree is not too easy to digest, even though the authors show they are doing their best.
I recommend it to anyone with (at least) basic knowledge in finances and who's interested in finding out what really went wrong in the latest crisis.
4 of 6 people found the following review helpful
Great Economic Read.
23 May 2011
Format:Hardcover|Amazon Verified Purchase
Excellent history of our world economy for the past 300 years. Shows how we got to the present mess and how we might be able to get back to a more healthy economic structure. Recommended to all serious thinkers. I bought a new copy for each of my four sons. That shows how important I think the book is.
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