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Saving Capitalism From The Capitalists: How Open Financial Markets Challenge the Establishment and Spread Prosperity to Rich and Poor Alike
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Saving Capitalism From The Capitalists: How Open Financial Markets Challenge the Establishment and Spread Prosperity to Rich and Poor Alike

4.14  ·  Rating Details ·  258 Ratings  ·  24 Reviews
What is the secret of prosperity? Why are the rich rich and the poor poor? The answer lies in the structure of financial markets and the willingness to allow the capitalist system to let "creative destruction" work its wealth-creating wonders. Financial markets are the least understood and most highly criticized part of the capitalist system. The greed of participants invo ...more
Hardcover, 384 pages
Published April 3rd 2003 by Random House Business (first published January 1st 2003)
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Matthew
Jul 08, 2012 Matthew rated it really liked it
Even though this book is almost a decade old, its description of the state of the economy is a reflection of what is happening today. It's interesting how many economic books from years past still remain relevant. Do we not learn from our mistakes? Unfortunately, the book ends on a pessimistic note. As if the authors do not believe that their policy prescriptions will ever become reality. Their basic argument is that free markets do not benefit anyone, since at any point someone could be the los ...more
Paul
May 05, 2012 Paul rated it really liked it  ·  review of another edition

This book, written by two heavyweight University of Chicago financial economists, was published during our last financial market “crisis” in 2003. This was the time of the post internet equity bear market, the time of the Enron, Worldcom and Global Crossing scandals. The thesis is that free markets, for all their benefits particularly to the poor and powerless, rest on precarious political grounds. The impulse of elites to curtail the functioning of markets is strong and always a threat, particu
...more
Sundarraj Kaushik
Jan 16, 2017 Sundarraj Kaushik rated it really liked it  ·  review of another edition
A very nice book by Raghuram Rajan and Luigi Zingales. The book covers how it is important to have free market for any country to flourish, while at the same time it requires a mature, kind government which ensures that the market is truly free.

The key argument is that in most countries what may appear to be a free market may not really be a free market. The big companies acquire so much power that they influence the government to pass rules which ensures their continued dominance. They ensure t
...more
Space Time
Jan 09, 2017 Space Time rated it liked it
I liked Fault Lines better but this too highlights the problem
Matthias
"I mercati non sono perfetti, né lo sono le sovrastrutture che li dirigono".

Estremamente denso, è impressionante per la sua capacità sia di descrivere nel dettaglio alcuni complessi processi finanziari (che rappresentano il "core" del libro), sia di racchiuderli tra una prima e (soprattutto) un'ultima parte che puntano invece ad una "big picture" fotografata talmente da lontano da dare quella preziosa sensazione dell' "aprire gli occhi" su come funziona il mondo (nello specifico, sul conflitto t
...more
Anuj Shah
Sep 22, 2016 Anuj Shah rated it it was amazing
This review has been hidden because it contains spoilers. To view it, click here.
Anurag
Jul 31, 2014 Anurag rated it it was ok
Interestingly the book is less about economics and more about history. Not only the book proves insufficient in its rigour on data, it often comes across as over-simplifying economic problems. The overall tone of the book is quite condescending - written in short-sentences, pointing at well-known facts as if to assist quick and simple conclusions.

The bits about history are quite revealing. The authors explain the political-historical context in which free markets developed very carefully. This i
...more
James Carmichael
A lot of this seems a little cyclically dated and simultaneously forward looking; the book was published in 2003 and there is a lot of discussion of recent economic crises leading to a backlash against open financial markets and a move towards protectionism. Which I think reinforces their central point that the political economy behind liberalized financial markets are delicate and subject in particular to these cyclical swings.

The things I got from the book are principally some detailed economi
...more
Krys
Jan 04, 2009 Krys rated it it was amazing  ·  review of another edition
Shelves: business
This is a great book considering the currety economic climate even though the book is five years old ((C)2003). It's a great book for the moderate point of view. I have read so many polarizing and extreme views in books (Ann Ryan for libertarian and laissez-faire capitalists to Marx and the Communist Manifesto). It is nice to get a rational, factual lay-out for the balance of goverenment and the benefits of a well-developed financial system.


I really liked this book. The begining and the end of
...more
Krys
Jan 04, 2009 Krys rated it it was amazing
This is a great book considering the currety economic climate even though the book is five years old ((C)2003). It's a great book for the moderate point of view. I have read so many polarizing and extreme views in books (Ann Ryan for libertarian and laissez-faire capitalists to Marx and the Communist Manifesto). It is nice to get a rational, factual lay-out for the balance of goverenment and the benefits of a well-developed financial system.


I really liked this book. The begining and the end of
...more
Sid
May 28, 2016 Sid rated it liked it  ·  review of another edition
Behind this dry book, which at times makes your eyes water with long winded and boring prose, are minds of 2 genius economists who have understood and written about a very pressing global problem. Treading a line between two extremes of ideology Rajan and his colleague have identified (in my opinion very accurately) a balance of checks to progress nations into a fair and equal system. A good read to understand why countries like India have banking problems, and what has stopped progress of certa ...more
Christopher Mitchell
The arguments in this book are presented in a persuasive manner that get beyond the simple right/left market vs. government blather that so dominates political discussions today. I am left with some answered questions though about how some of these dynamics play out in real life with real complicated economies. Though the book is a bit old, the arguments remain as salient as they were ten years ago.
Ayan Dutta
Mar 20, 2016 Ayan Dutta rated it really liked it
One of The few books on economics that support free and unfettered financial markets, trade liberalization. The authors make a compelling case in favor of financial market liberalization and how it leads to economic growth. They also debunk the more populist anti market writings .

Barring the last 2 chapters and the afterword , with weaker arguments , the rest of the book is definitely worth a full rating.

Read this book to get the other side of the story .
Fiatluxury
I'm actually in a class that this guy Rajan is teaching on International Corporate Finance, and I can say that the book is way better than the class...though I'm not far into it. He's an unrepentant believer in wealth as the cure to the world's ills (and worked for the IMF, so I guess that's no shock) but basically, I'm reading this because I'm on a quest to find out why more consumption is better. He hasn't answered that yet; neither has anyone else.
Brian
Jul 21, 2009 Brian rated it it was amazing
Shelves: to-buy
An extremely lucid explication of the fragile political foundations of the free market, and the circumstances under which we can lose its benefits. Its discussion of the ways in which incumbent business joins with the dispossessed to legislate against competition during downturns is something is particularly useful, particularly given the fact that it's going on right now.
Kevinthorson
Jan 20, 2010 Kevinthorson rated it liked it
Mix of technical/historical information re: the way markets function and the the particular importance of financial markets. Some of the historical chapters were pretty tough, as the authors are neither historians or fluid writers. All in all a great explanation of the true causes of market failure.
Arvind
Oct 26, 2015 Arvind rated it it was amazing  ·  review of another edition
Extremely well researched. Immensely romanticizes the role of financiers and presents a compelling argument for free markets. An enlightening read.
aditya mishra
aditya mishra rated it it was amazing
May 14, 2016
Yogeeswar
Yogeeswar rated it it was amazing
Oct 20, 2015
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Giampaolo rated it it was amazing
May 23, 2014
Santosh Mathew
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Jan 17, 2016
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Mukta Gawde
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Nov 13, 2016
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May 11, 2015
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Raghuram Govind Rajan is a world-class Indian economist who has been appointed as the twenty-third Governor of the Reserve Bank of India. He also serves as Eric J. Gleacher Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. Rajan is also a visiting professor for the World Bank, Federal Reserve Board, and Swedish Parliamentary Commission. He for ...more
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