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Title: The Chastening: Inside the Crisis That Rocked the Global Financial System and Humbled the Imf by Paul Blustein ISBN: 1-58648-181-9 Publisher: PublicAffairs Pub. Date: 13 May, 2003 Format: Paperback Volumes: 1 List Price(USD): $18.00 |
Average Customer Rating: 4.45 (11 reviews)
Rating: 5
Summary: Excellent Read on a Dry topic
Comment: Here's an amazingly well written book on an obtuse subject (the IMF and the economics of currencies) that tells a compelling story of the attempts to deal with the contagion crises in the late 90's. The book is very non-idelogical as it demonstrates the best efforts made by the IMF, World Bank, US Treasury & Fed, as well as the Central Banks of Europe and Japan to deal with the appearence of currency runs as they struck various developing nations.
While the book is not hawking a political slant, it is very honest about the fact that the IMF's solutions were at best partly successful. It addresses the very real concern that attempts to bail out countries in crises is really bailing Wall Street investors who took foolish risks with taxpayer money.
For a subject that has little coverage outside of technical studies this is a very good book.
Rating: 5
Summary: Engaging like a James Bond movie
Comment: Enter the world of high international finance. Mr. Blustein has managed to present an extremely readable (fun, dramatic, engaging) account of the tragic economic crises that are now called the "first of the XXI century".
Not only will you learn the economic details of the crises in Thailand, South Korea, Indonesia, Russia, Brazil and Long-Term Capital Management. You will also find yourself in the rooms where IMF staff negotiated with authorities. You will take a glimpse at the halls of the Treasury and the Fed, where Rubin, Greenspan and Co., proved their genius as policymakers. You will be humbled by the ferocity of international capital and about "how close we where".
Still the great lesson is that we need not oppose globalization to build a better future. Rather you will fell as having read the first steps of a new world which we are only beggining to understand. Hence the need to understand what happened to build a stronger international financial architecture with stronger institutions.
Rating: 5
Summary: Good read on a tragic epoch
Comment: I read this book after reading Dr. Stiglitz criticism on the IMF. Actually, Stiglitz quotes him. Contrary to Stiglitz', Mr. Blustein's book reads fast, makes some of the same criticism Stiglitz does but one does not feel he has an ax to grind. If you want to read a good book on the Asian financial crisis and Russia's default on its own ruble debt, this is the book for you. Very informative and entertaining.
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Title: Globalization and Its Discontents by Joseph E. Stiglitz ISBN: 0393324397 Publisher: W.W. Norton & Company Pub. Date: April, 2003 List Price(USD): $15.95 |
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Title: The Elusive Quest for Growth: Economists' Adventures and Misadventures in the Tropics by William Easterly ISBN: 0262550423 Publisher: MIT Press Pub. Date: 08 August, 2002 List Price(USD): $19.95 |
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Title: The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else by Hernando Desoto, Hernando de Soto, Hernando de Soto ISBN: 0465016154 Publisher: Basic Books Pub. Date: 08 July, 2003 List Price(USD): $16.95 |
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Title: Globalizing Capital by Barry Eichengreen ISBN: 0691002452 Publisher: Princeton Univ Pr Pub. Date: 13 July, 1998 List Price(USD): $23.95 |
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Title: The IMF and Economic Development by James Raymond Vreeland ISBN: 0521016959 Publisher: Cambridge University Press Pub. Date: 03 March, 2003 List Price(USD): $22.00 |
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