Monday, March 8, 2010

An outsider's view of the global financial crisis

Last couple of years has seen books on the financial crisis come out dime a dozen. These books have primarily been written by people who were either part of the financial system that was brought down or journalists writing about it.

But these people were all insiders writing about something they were a part of. George Soros, the hedge fund manager turned philanthropist, has a theory of reflexivity, which states that “people’s understanding is inherently imperfect because they are a part of reality and a part cannot fully comprehend the whole.”

Keeping this background in mind, John Lanchester’s I.O.U.-Why Everyone Owes Everyone and No One Can Pay comes across as a nice change from most books on the financial crisis. The major thing going in favour of the book is the fact Lanchester is not even remotely involved with the financial services industry nor is a business journalist who has closely covered the crisis.

Full report here DNA

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