Description
The latest book from Financial Times columnist Martin Wolf explains why global imbalances cause financial crises—including the one ravaging the United States right now—and outlines the steps for ending this destructive cycle.
Reviewing global financial crises since 1980, Wolf lays bare the links between the microeconomics of finance and the macroeconomics of the balance of payments, demonstrating how the subprime lending crisis in the United States fits into a pattern that includes the economic shocks of 1997, 1998, and early 1999 in Latin America, Russia, and Asia. He explains why the United States is now the “borrower and spender of last resort,” makes the case that this is an untenable arrangement, and argues that global economic security depends on the ability of emerging economies to develop robust financial systems based on domestic currencies.
Sharply and clearly argued, Wolf’s prescription for fixing global finance illustrates why he has been described as "the world's preeminent financial journalist."Reviews
"Ingram's Ron Watson, of the university press group, recommends that booksellers stock up."—Publishers Weekly"Martin Wolf is the world's preeminent financial journalist. This book should be read by anyone who cares about the future of the international system, which, given recent events, is anyone who cares about the global economy or their economic future."—Lawrence H. Summers, former U.S. Secretary of the Treasury "An extraordinarily cogent and thoughtful look at the contemporary United States borrowing binge, which stands as the leading macroeconomic and financial puzzle of our time. Wolf rigorously critiques the cutting-edge academic debate with depth, thoroughness, and readability that one will not find anywhere else."—Kenneth Rogoff, Harvard University "The global financial imbalances of the twenty-first century will have a profound impact on international politics and American foreign policy. In this brilliant, compelling and readable book, Martin Wolf explains what has happened to the global financial order and what can be done to avoid the shocks of international finance."—Michael Mandelbaum, author of Democracy's Good Name: The Rise and Risks of the World's Most Popular Form of Government "No one understands and explains international economics and exchange rates better than Martin Wolf. This short book comes at a time when everyone can benefit from a deeper understanding of these issues."—Martin Feldstein, Harvard University
Author Information
Martin Wolf is the associate editor and chief economics commentator for Financial Times and a professor of economics at the University of Nottingham. He is the author of several books, most recently Why Globalization Works, and was named to Foreign Policy and Prospect magazines' "Top 100 Public Intellectuals" list.
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