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The Trouble with Markets: Saving Capitalism From Itself Hardcover – 15 Oct 2009

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Product details

  • Hardcover: 276 pages
  • Publisher: Nicholas Brealey Publishing; 1st edition (15 Oct. 2009)
  • Language: English
  • ISBN-10: 1857885376
  • ISBN-13: 978-1857885378
  • Product Dimensions: 16.4 x 2.6 x 24.2 cm
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (9 customer reviews)
  • Amazon Bestsellers Rank: 203,576 in Books (See Top 100 in Books)
  • See Complete Table of Contents

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Review

An excellent explanation of what led to the 'Great Implosion' ... what marks this book out is the admirable care that Bootle has taken to address concerns that a reader who is new tot eh top might have. Bootle is also diligent in shooting down some of the most common canards that have flapped their way through the crisis. A clear and cogent guide to the problems - and the solutions - that lie ahead. --Financial Times

Compelling prescriptions from an economist unusually able to speak with authority - because unlike most of his peers, Bootle spotted that the boom was unsustainable. --Robert Peston, BBC Business Editor and author of 'Who Runs Britain?'

Roger Bootle knows how markets work, and also when they don't work. Everyone who wants a real understanding of the strengths and weaknesses of the market economy should read this book. --John Kay, leading economist, Financial Times columnist and author of The Long and The Short of It

About the Author

Roger Bootle is one the City s top economists, and has worked in or around the financial markets since 1978. He is a regular columnist for The Daily Telegraph and also appears frequently on national television and radio. His now classic bestseller The Death of Inflation, originally regarded as extreme is now widely recognized as prophetic. As well as being the founder and Managing Director of Capital Economics, he is also Economic Adviser to Deloitte, a Specialist Adviser to the House of Commons Treasury Committee and an Honorary Fellow of the Institute of Actuaries. He was formerly Group Chief Economist at HSBC, and under the previous Conservative government he was appointed one of the Chancellor s panel of economic forecasters, the so-called Wise Men . He studied Economics at Oxford, and began his career in the academic world as a lecturer in Economics at St Anne s College, Oxford. www.capitaleconomics.com

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15 of 15 people found the following review helpful By Richard Whelan on 29 Mar. 2010
Format: Hardcover
The Trouble with Markets: Saving Capitalism From Itself,
Nicholas Brealey Publishing

Review by Richard Whelan

We are at a crossroads worldwide. One road requires a massive cleanout of old ideas and people, a new paradigm for our financial markets. We need a better understanding of economics and finance as well as a significant increase in consumption in Asia to lift us out of our current depression into a hopeful recovery phase.

But if we don't take the high road, the low road will take us back to the 1930s, generated out of a total collapse of confidence in democracy itself. It is a deep irony of the current economic/financial quagmire that the cheerleaders in Goldman Sachs, AIG, etc who brought the free market capitalist system to its knees, could turn into the "useless idiots" (to paraphrase Lenin) who in their denial of their role in these multiple failures, could deliver the coup de grace to the system itself. The growing chorus of those who think the current democratic system cannot solve these problems, and who point to the need for a "Chinese model", may be the first signpost on this lower road. If you think such an eventuality is inconceivable, impossible, or unlikely you really do need to read this book.

Bootle is one of the City of London's best-known economists and commentators having worked in or around the financial markets since 1978. He has challenged prevailing orthodoxy frequently, his 2003 book Money for Nothing correctly anticipating the current financial crisis.

He takes no prisoners in setting out how we got into the current mess: "The Great Implosion has laid bare several different kinds of failing. First, it has revealed just how fragile the financial system is.
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23 of 26 people found the following review helpful By Nicola Davidson on 19 Oct. 2009
Format: Hardcover
This is the most insightful and well-argued book that has surely yet appeared on the recent financial crisis. Roger Botle is arguably this country's leading economist and his detailed and thought-provoking analysis and conclusions are a must for anyone with a degree of interest in understanding the recent economic problems that have affected us all. Clearly written, logical and compelling, you do not need to be an economics guru to understand and enjoy this excellent book.
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2 of 2 people found the following review helpful By Rolf Dobelli TOP 1000 REVIEWER on 19 April 2010
Format: Hardcover
You could call Roger Bootle a self-hating economist. In this trenchant study, he takes ruthless aim at fellow economists and financial professionals for allowing the financial markets to run amok. Despite his status as a City of London insider, Bootle mauls bankers for collecting overly rich paychecks and bashes investment advisers for their general cluelessness. While Bootle isn't the only observer to arrive at the conclusion that the markets are broken and that free-market ideology is wrong, his sophisticated understanding of finance makes his arguments especially astute. getAbstract recommends this intriguing book to investors and policymakers seeking a thoughtful prescription for Wall Street and the City.
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2 of 2 people found the following review helpful By Peter West on 2 Dec. 2011
Format: Paperback Verified Purchase
I love Roger Bootle's Monday column in the Daily Telegraph, so bought his book which takes you to October 2011. He sifts the evidence, comparing similar events in the last 100 years and exposes how wrong financial experts can be and explains the possible outcomes. He does not pull his punches, explains things well, though I did need to check the meanings of his less common words.
I certainly have a better understanding of what is going on as a result and commend it to those who want to try to understand what is happening to us, to Europe and to the World economy as a whole, and why it is happening!
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13 of 15 people found the following review helpful By Ben on 3 Jan. 2010
Format: Hardcover Verified Purchase
Roger Bootle is a seasoned City commentator, well known to many of us from the 1980s Big Bang era in which the present crisis has its roots. A clear thinker, Roger Bootle has maintained an independent and at times openly critical view of the crass herd mentality so prevalent for so long in banking / politics.

This is a well written and fairly concise book that accurately defines the present economic mess, analyses the causes and, crucially, puts forward practical, workable solutions. However, the book is marred to some extent by the publisher's decision to use American English throughout combined with references to "the man in Peoria, Illinois" and suchlike, presumably in a bid to boost its appeal to our friends across the pond. For those of us who know the author as a quintessentially English economist, this can at times be a little irritating - and is a touch ironic given the fact that it was the British establishment's unquestioning embrace of recklessly aggressive, winner-takes-all American cowboy finance, that precipitated the 2007/09 `Great Implosion'.

The author reminds us of the obvious (but widely overlooked) fact that markets have significant imperfections and failures. This in turn raises grave doubts as to the wisdom of government policy over the last 20 years of applying the `market knows best' model indiscriminately to broader society and to natural monopolies such as household energy supplies and railways. Perhaps the supreme irony is that the grotesque levels of `compensation' and obscene City bonuses are only made possible thanks to the profound imperfections in financial markets - i.e. a lack of competition, lack of transparency, insider trading and other distortions in the market structure of investment banking / trading / M&A etc.
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