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bechols's review against another edition
4.0
Makes a good case, although a bit long winded. The suggested solutions require a level of government competence that seems unlikely, but the market reaction to coronavirus might turn out to accomplish some of the resets required (at a high cost).
cheenu's review against another edition
5.0
I started reading this book with some apprehension that it'd another book on the 2008 financial crisis, a topic on which there is a never-ending amount of literature. However, I was pleasantly surprised by the scope of the book - rather than being just another book vilifying greedy bankers, this book actually illustrates
1. the structural issues with fractional reserve banking
2. the long term unsustainability of having an export-led or trade deficit growth policy
3. why economic forecasting models are extremely poor tools in both predicting the future of the economy & also as a base for fiscal and monetary policy decisions.
While I don't know whether the solutions that he suggests in the book are going to be correct (don't really know enough about macroeconomics to even have a clue), his book really provides a good overview of why the global economy is struggling to grow since the 2008 financial crisis.
1. the structural issues with fractional reserve banking
2. the long term unsustainability of having an export-led or trade deficit growth policy
3. why economic forecasting models are extremely poor tools in both predicting the future of the economy & also as a base for fiscal and monetary policy decisions.
While I don't know whether the solutions that he suggests in the book are going to be correct (don't really know enough about macroeconomics to even have a clue), his book really provides a good overview of why the global economy is struggling to grow since the 2008 financial crisis.
bub_9's review against another edition
3.0
There is no disputing Mr King's knowledge of what he talks about - he gives us informative chapters about the role and necessity of money in society, the nature of banking as an enterprise, and the relationship between banking and nations (which rather ominously would emerge in the doom loop, as Mr King discusses) as well as solutions needed in both the banking sector and the nature of the world recession.
Yet I never feel that he successfully weaves all this together; the transition from the initial few informative chapters to the last few argumentative, solutions-oriented ones is rather hazy. The solutions do not necessarily flow from the problems, and this is especially true when he introduces a new hypothesis about narrative recessions, only in Chapter 8!
While I find his hypothesis entirely persuasive, I feel this book could've been better organised, and that the lack of cogency in its structure does detrimentally affect the power of its argumentation.
Yet I never feel that he successfully weaves all this together; the transition from the initial few informative chapters to the last few argumentative, solutions-oriented ones is rather hazy. The solutions do not necessarily flow from the problems, and this is especially true when he introduces a new hypothesis about narrative recessions, only in Chapter 8!
While I find his hypothesis entirely persuasive, I feel this book could've been better organised, and that the lack of cogency in its structure does detrimentally affect the power of its argumentation.
skylar2's review against another edition
3.0
Mr. King clearly knows what he's talking about on monetary policy and bank regulation, but his public and fiscal policy recommendations detract from that knowledge. He dismisses the utility of government stimulus in the Great Recession, ignoring the fact that the US stimulus should have been much bigger, and could have been much more punitive on the banks. He also places too much faith in the IMF for dealing with crises in the developing countries, ignoring completely the IMF's role in causing those crises through their draconian austerity requirements.
annagrac's review against another edition
3.0
Mervyn King gives an articulately argued and detailed explanation of the orthodox banking religion ie that banks are socially useful and contribute significantly to human prosperity, rather than being a rent-seeking drag on true human endeavour. It is interesting that he acknowledges several times that economics has little predictive power and yet still quotes the wisdom of economists past to prescribe how the financial system should be treated.
If you have a positive view of banks and want that confirmed - this is the book for you. If, on the other hand, you are disillusioned with the financial sector and think that bankers have tried to claim credit for prosperity increases that have mainly been caused by the scientific revolution increasing our ability to produce goods through energy extraction (eg electrification) and freeing up labour (eg increased crop yields = less farmers = more factory workers), then this book won't win you over, as it preaches to the converted.
If you have a positive view of banks and want that confirmed - this is the book for you. If, on the other hand, you are disillusioned with the financial sector and think that bankers have tried to claim credit for prosperity increases that have mainly been caused by the scientific revolution increasing our ability to produce goods through energy extraction (eg electrification) and freeing up labour (eg increased crop yields = less farmers = more factory workers), then this book won't win you over, as it preaches to the converted.
ayuni's review against another edition
5.0
I found the answer to my question in this book. I am forever grateful to Mervyn King for his insights and clear writings.
chaotic_wholesome's review against another edition
4.0
Elucidating, if a bit dense. Not sure I feel better knowing that we're barrelling towards another global financial crisis, but at least I understand the mechanisms of it? Sigh.