'The Origin of Financial Crises' provides a compelling analysis of
the forces behind the recent economic crisis. In a series of
disarmingly simple arguments George Cooper challenges the core
principles of today's economic orthodoxy, explaining why financial
markets do not obey the efficient market principles but are instead
inherently unstable and habitually crisis prone. First published in
the summer of 2008 in the midst of the crisis, the author
accurately pinpointed the fundamental problems in policy and
economic theory that led to the banking crisis. Now updated to
reflect the massive upheavals since then and providing even more
forthright opinions, the book is essential reading for anyone
looking to find the root cause of our current financial situation.
The book describes the evolution of our modern monetary system,
explaining along the way how financial instability emerged and why
this instability required the development of central banking.
Cooper makes the point that misguided faith in the power of free
markets has led some central banks to neglect their core role of
managing the financial system and instead caused them to pursue
policies promoting a series of ever more violent boom-bust cycles.
'The Origin of Financial Crises' calls for a radical shift in
central bank strategy, the abandonment of inflation targeting and a
paradigm shift in our attitude to economic policy. The reader will
also learn about the fundamentals of inflation and discover what
policy makers can learn from the designers of the Eurofighter jet
and how an obscure paper on steam engines, written in 1868, shows
us how to avoid repeating recent monetary policy mistakes.
Uniquely, 'The Origin of Financial Crises' presents tangible policy
proposals aimed at helping break out of the seemingly endless
procession of damaging boom-bust cycles.
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