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Title: Saving Capitalism from the Capitalists: Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity by Raghuram G. Rajan, Luigi Zingales ISBN: 0-609-61070-8 Publisher: Crown Business Pub. Date: 18 February, 2003 Format: Hardcover Volumes: 1 List Price(USD): $29.95 |
Average Customer Rating: 4.5 (4 reviews)
Rating: 4
Summary: Good Overall Book on Finance and Free Markets
Comment: An excellent introduction and review of free markets and how, through finance, they are able to provide the best allocation of resources for all. Even better was the examination of how free markets are thwarted by interest groups who seek to carve out protected enclaves from competition. The book is not a right wing fantasy where gov't is always evil, in fact it acknowledges that the structure of gov't is highly important because interest groups will attempt to utilize any form of gov't to their own ends. In such a situation, government is all the more important because the right type of structure can channel such pressure away from market destroying measures.
Rating: 5
Summary: Excellent book, worth reading for the novice to the expert
Comment: It is refreshing to see experts explain cutting edge ideas in a way that is accessible to all. This book explains why the free markets are important to all of us and why we cannot take them for granted. It also spells out in convincing fashion why the free markets are often at risk from those who at first might be considered their strongest supporters.
It is important for the common person to understand the forces at work and their own self interest so that they use their political force towards their own and the greater good. It is also very usefull for policy makers in designing systems that are not only more effecient but that are more resilient to subversion and grounded in stronger political support.
As an investment professional, this book is interesting as it points to the need to move away from the paradigm of free markets and unbridled competition to generate above average profits. The extent and liklihood of participants actually subverting the free market process and competition should be a part of the analysis in projecting long term profitability of sectors and companies.
Rating: 5
Summary: Insightful, interesting, thought-provoking. Must read.
Comment: Insightful, interesting and thought-provoking. Must read-even for a non-finance expert like me.
As a "lay" reviewer I strongly echo Business Week's recommendation that Saving Capitalism from the Capitalists is a great book for "the rest of us". The book starts off by explaining why free financial markets are critical and what the role of the financier is. (Many of my friends in Corporate Finance and Investment Banking should at least read this part as it explains what they do, why it is important and why they deserve the big bucks much better than they have ever been able to explain it to me!)
The book then goes much deeper to unpeel the layers of the onion and explain how financial markets develop, what conditions are required to keep them vibrant, what risks they face and who has vested interests in their development. This is key value of the book as I see it. The authors made me think more deeply about the capital markets that I take for granted. For example it seemed surprising to think of "saving" capitalism from capitalists, but after reading the book I must concede that the authors have a point. The very capitalists who initially benefit from capitalism are the ones who stand to lose the most if competition (i.e., new capitalists) enters their markets. Thus they incumbents are likely to vociferously oppose open markets--often masking their vested interests in the guise of humanitarian concerns like the working conditions of third world labor.
The book is very easy to read and the authors pull the reader along by summarizing their arguments intermittently. They encompass both developed and developing countries in their analysis and support their arguments with interesting examples from world history ranging from 13th Century Europe to modern day corporate America. The book does slow down a little in the middle, but if you persevere it picks up right back up again. By the end Saving Capitalism from the Capitalists leaves you informed, interested to learn more and makes you understand and think deeper about a subject that is extremely relevant to all of us.
Insightful, interesting and thought provoking-isn't that the hallmark of a great read?
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Title: In Defense of Globalization by Jagdish Bhagwati ISBN: 0195170253 Publisher: Oxford University Press Pub. Date: 01 January, 2004 List Price(USD): $28.00 |
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Title: The New Financial Order: Risk in the 21st Century by Robert J. Shiller ISBN: 0691091722 Publisher: Princeton University Press Pub. Date: 02 April, 2003 List Price(USD): $29.95 |
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Title: The Roaring Nineties: A New History of the World's Most Prosperous Decade by Joseph E. Stiglitz ISBN: 0393058522 Publisher: W. W. Norton & Company Pub. Date: 01 September, 2003 List Price(USD): $25.95 |
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Title: The Company: A Short History of a Revolutionary Idea (Modern Library Chronicles) by John Micklethwait, Adrian Wooldridge ISBN: 0679642498 Publisher: Modern Library Pub. Date: 04 March, 2003 List Price(USD): $21.95 |
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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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