- Paperback: 229 pages
- Publisher: Polity; 1 edition (30 July 2010)
- Language: English
- ISBN-10: 074565164X
- ISBN-13: 978-0745651644
- Product Dimensions: 15.2 x 1.9 x 22.9 cm
- Average Customer Review: 4.0 out of 5 stars See all reviews (30 customer reviews)
- Amazon Bestsellers Rank: 350,875 in Books (See Top 100 in Books)
- See Complete Table of Contents
The Financial Crisis - Who is to blame ? Paperback – 30 Jul 2010
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More About the Author
From 1995 to 1997 he was Deputy Governor of the Bank of England, after three years as the Director General of the Confederation of British Industry. Earlier in his career he worked in the Foreign and Commonwealth Office, the Treasury, Mckinsey and Co, where he spent five years, and as Controller of the Audit Commission.
He has been an independent Director of Morgan Stanley Inc since 2004, and chairs the Risk Committee. He also chairs the Risk Committee at Prudential PLC, whose board he joined in 2010. He is a member of the Regulatory and Compliance Advisory Board of Millennium LLC, a New York-based hedge fund. He has also been a member of the International Advisory Council of the China Banking Regulatory Commission since 2003 and, from 2012, is Chairman of the International Advisory Council of the China Securities Regulatory Commission.
In 2006 he edited and introduced The Chancellor's Tales (Polity Press) on British economic policy from 1975 to 2000. In 2008 he jointly authored Global Financial Regulation: The Essential Guide (Polity Press) with David Green. Banking on the Future: The Fall and Rise of Central Banking, on central banks, also by Davies and Green, was published in April 2010 by Princeton University Press. His latest book, 'The Financial Crisis: Who is to blame?' was published by Polity Press in July 2010.
"Balanced, succinct, authoritative and remarkably comprehensive."
"In this eminently readable account of the current crisis, Howard Davies writes with a wealth of experience."
"Financial crisis is a many–headed hydra and unravelling its causes a Herculean task. In The Financial Crisis: Who is to Blame?, Howard Davies makes significant progress."
Times Higher Education
"An admirable summary of issues for normal people who have a life outside finance."
"Davies′ expertise and nuance regarding the crisis shines through and provides a fascinating account of a situation we shall hopefully never see again."
"An excellent primer."
"It′s hard to think of anyone better qualified than Howard Davies to evaluate the competing arguments about what caused the worst financial crisis and recession since the 1930s."
Robert Peston, Business Editor for BBC News
"Davies offers the most comprehensive post–mortem yet of the Great Crisis –– essential reading for those who are trying to fix a still precarious post–crisis world."
Stephen S. Roach, Chairman of Morgan Stanley Asia
"Howard Davies′ lucid and panoramic account of the financial crisis and the reasons for it is crisply and entertainingly written. It is a great primer for anyone hoping to understand how a complex set of causes united to lead to the near–collapse of global finance in 2008."
John Gapper, Associate Editor and Chief Business Commentator, Financial Times
About the Author
Howard Davies is the director of the London School of Economics and Political Science.
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Top Customer Reviews
Davies also has a touching faith that the best guarantee of financial stability was that bankers had the interest of their shareholders at heart -- this belief is hard to sustain when the calamitous record of British bankers' overseas adventurism is scrutinised: Crocker (Midland); First Jersey National (NatWest); Household (HSBC); AMRO (NatWest again). Or when Loyd Blankstein opines that -- forget the shareholders -- he is "doing God's work"
But for all its failure to finger a particular perpetrator, this book is a very useful, concise and informed review of the myriad causes of the problem; engagingly and interestingly written it avoids jargon ( for the most part -- although the editor commits a howler on p189) and obscurity and sets out the facts very well. Unfortunately it misses the target it sets itself in the title.
Davies's chapter headings tell a story in their own right. Thus we have the "Rich get richer, the poor borrow", "The blind man and the elephant - US regulation" and a "Plague of locusts- hedge fund management". In 38 chapters some of which are very pithy others very complex he examines all the key protagonists in the crisis ranging from the banks, light touch regulation, derivatives, the credit ratings industry to the role paid by greed and especially pay and incentives.
Being the former head of the FSA his primary concern which is raised up front in the book is the key question "why did regulators maintain a weak hands off approach" as all around them indulged in reckless casino banking which saw the manual marked risk management completely shredded.Read more ›
This wide-ranging book by Howard Davies, until recently the Director of the London School of Economics, has its origins in material prepared for a course of lectures at the LSE, but it is in no sense a textbook. In it he briefly reviews each of the many suggested causes in a clear simple way that is understandable to non-economists. Sometimes it is obvious what Davies' own views are, but sometimes he simply presents the arguments for and against, leaving the reader to make up their own mind.Read more ›
Most Recent Customer Reviews
Howard Davies (Sir) has fairly impressive credentials. He was the first chairman of the UK Financial Services Authority (until 2003), a previous deputy Governor of the Bank of... Read morePublished on 20 Sept. 2012 by Philip Mayo
There is no shortage of opinions in circulation as to what has caused the economic crisis (my personal choices are an unhealthy desire to own housing and spend money which one does... Read morePublished on 28 July 2012 by Mr. T. Ralph
a true academic's job is to survey all arguments, break then down meticulously and then try to synthesise them into something new that perhaps contributes something new and/or... Read morePublished on 27 Dec. 2011 by Eleimon Gonis
If you are a non economist I would be surprised if you make it to halfway in this book. It really demands a very high level of knowledge of business and a keen grasp of the... Read morePublished on 8 Nov. 2011 by D. Pearce
The boook presents 38 possible reasons for the global financial crisis of 2008. The 38 have been proposed by variius other authors, and the book describes them in nice short... Read morePublished on 31 Oct. 2011 by Richard Dean
Post-crisis, the number of books apportioning blame for the global credit squeeze, what caused it, how we could have prevented it and where from here have mushroomed. Read morePublished on 31 May 2011 by Gaurav Sharma
This book is one of the best books that I have read on the financial crisis. Very easy read . However, having a basic understanding of banking ( capital / leverage / business... Read morePublished on 11 May 2011 by Ed
There came a point in the global financial unpleasantness when it was too late to ask what it was all about without feeling like a simpleton. Read morePublished on 3 May 2011 by Lulu