Advertisement

Book in the news: a useful addition to the library of crisis literature

Book review: Crashed: How a Decade of Financial Crises Changed the WorldAn authoritative study on the causes of the global financial crisis.

906-Crashed-100

Published by Allen Lane (£30)

Buy at Amazon

It's been ten years since Lehman Brothers collapsed, turning what was known as the "credit crunch" into the Great Recession. In that time, we've had the eurozone crisis, Brexit and the rise of populism, and plenty of attempts to analyse the causes of the global financial crisis. Few, however, are likely to match Adam Tooze's book in scope, ambition or rigour, says Duncan Weldon in Prospect.

Advertisement - Article continues below

The prose is "clear" and the scholarship "remarkable", says Martin Wolf in the FT. Tooze blames an "irresponsible and poorly regulated financial sector" for the crisis, but it wasn't just the fault of American banks "European banks had built up huge dollar liabilities and assets, with nearly all of those liabilities consisting of short-term market borrowing".

"Those like me who have read or written it before might find that there is more narrative than analysis, and that at times that detail can be a little wearying," says David Smith in The Times. And Tooze has "an unnecessarily jaundiced view" of "the period of economic stability and low inflation in the years leading up to the crisis".

Still, the book is clearly "well researched" and Tooze "explains things well, without getting bogged down in technical complexities". All in all, it is "a useful addition to the growing library of crisis literature".

Advertisement
Advertisement

Recommended

Theatre review: The Visit
Films

Theatre review: The Visit

Friedrich Dürrenmatt's Swiss classic The Visit, transported to 1950s America, poses the question: how much would you kill for?
28 Feb 2020
Six contrarian books for Christmas
Films

Six contrarian books for Christmas

Merryn Somerset Webb picks six of her favourite contrarian books to help you look clever and perhaps win a few arguments over the Christmas dinner tab…
9 Dec 2019
Coming to terms with Anna Sorokin
Films

Coming to terms with Anna Sorokin

My Friend Anna: The true story of the fake heiress of New York CityWilliams is a solid writer who does a good job of explaining how she, and other int…
21 Aug 2019
Book in the news… the inside story of Spain’s tumultuous crisis
Films

Book in the news… the inside story of Spain’s tumultuous crisis

After the Fall Crisis, Recovery and the Making of a New SpainA book that goes beyond politics to offer a deeply sympathetic portrayal of a country.
21 Aug 2019

Most Popular

BP has slashed its dividend – and markets love it
Income investing

BP has slashed its dividend – and markets love it

BP has bowed to the inevitable and cut its dividend in half – and its share price promptly rose. John Stepek explains what it means for shareholders …
4 Aug 2020
Listed companies are dying out, and that could have serious consequences
Stockmarkets

Listed companies are dying out, and that could have serious consequences

Private equity is taking over from public stockmarkets as the biggest provider of capital to companies. That’s bad for investors and bad for society a…
3 Aug 2020
Gold hits the big $2,000 level – are Aim miners about to play catch up?
Gold

Gold hits the big $2,000 level – are Aim miners about to play catch up?

With the price of gold shooting through $2,000 an ounce, the yellow metal looks unstoppable. Things are so bullish, even Aim-listed junior gold miners…
5 Aug 2020