Marcelv's Reviews > Boomerang: Travels in the New Third World

Boomerang by Michael Lewis
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Feb 18, 12

bookshelves: economics, general-interest

Although the author is known for his more technical books, this is a refreshing lighter take on the economic crisis. Micheal Lewis gives the crisis a human face by taking a tour in a number of affected countries and showing by example what happened. If you look at it from a distance (or in hindsight), it looks as if people have been incredibly stupid or naive. But let's be honest; who wouldn't have succumbed to the lure of seemingly free money? That brings us back to the indirect strength of this book. It shows that people simply will not act rationally, although they should know better and it takes just a few people to get the ball rolling.

That brings us to the conclusion that we as a society should be way more vigilant. Excesses and unhealthy developments should be stopped as soon as they appear. We're a part of the problem as well. And that is what actually caused the current crisis to completely run out of hand. Because the regulators were purposely sleeping at the wheel and, even worse, encouraging these practices we got a full-on crisis. If some people would have shown a spine, if economists wouldn't have shown themselves to be fake experts whose theories don't apply to the real world, we might have gotten by much easier.
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