Crashed: How a Decade of Financial Crises Changed the World

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Penguin, Aug 27, 2019 - Business & Economics - 720 pages
WINNER OF THE LIONEL GELBER PRIZE
A NEW YORK TIMES NOTABLE BOOK OF 2018
ONE OF THE ECONOMIST'S BOOKS OF THE YEAR
A NEW YORK TIMES CRITICS' TOP BOOK

"An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems."--The New York Times Book Review

From a prizewinning economic historian, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today.

In September 2008 President George Bush could still describe the financial crisis as an incident local to Wall Street. In fact it was a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. In the United States and Europe, it caused a fundamental reconsideration of capitalist democracy, eventually leading to the war in the Ukraine, the chaos of Greece, Brexit, and Trump.

It was the greatest crisis to have struck Western societies since the end of the Cold War, but was it inevitable? And is it over? Crashed is a dramatic new narrative resting on original themes: the haphazard nature of economic development and the erratic path of debt around the world; the unseen way individual countries and regions are linked together in deeply unequal relationships through financial interdependence, investment, politics, and force; the ways the financial crisis interacted with the spectacular rise of social media, the crisis of middle-class America, the rise of China, and global struggles over fossil fuels.

Finally, Tooze asks, given this history, what now are the prospects for a liberal, stable, and coherent world order?

 

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User Review  - willszal - LibraryThing

"Crashed" is a global economic history spanning the past decade of rolling financial crises—moving from the subprime mortgage crisis in the US, to the Eurozone crisis, to the Chinese stock market ... Read full review

LibraryThing Review

User Review  - rivkat - LibraryThing

Tooze follows the crisis from mortgages in the US (where many of the big players were not technically US banks, but the crisis was perceived as US-driven anyway) to the Eurozone crisis a few years ... Read full review

Contents

The Wrong Crisis
25
Subprime
42
Transatlantic Finance
72
Eurozone
91
Multipolar World
118
The Worst Financial Crisis in Global History
143
Bailouts
166
The Big Thing Global Liquidity
202
Whatever It Takes
422
American Gothic
449
Taper Tantrum
471
The Ukraine Crisis
485
Thisisacoup 51
510
The Fear Projects
540
Trump
564
The Shape of Things to Come
600

Extend and Pretend
321
A Time of Debt
346
GZero World
372
Doom Loop
396
Notes
617
Index
689
Copyright

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About the author (2019)

Adam Tooze, winner of the Wolfson and Longman History Today Prizes, is Professor of History at Columbia University. He formerly taught at Yale University, where he was Director of International Security Studies, and at the University of Cambridge. He has worked in executive development with several major corporations and contributed to the National Intelligence Council. He has written and reviewed for Foreign Affairs, The Financial Times, The Guardian, and the Wall Street Journal.

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