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The New Financial Order: Risk in the 21st Century

3.81  ·  Rating details ·  119 ratings  ·  12 reviews

In his best-selling "Irrational Exuberance," Robert Shiller cautioned that society's obsession with the stock market was fueling the volatility that has since made a roller coaster of the financial system. Less noted was Shiller's admonition that our infatuation with the stock market distracts us from more durable economic prospects. These lie in the hidden potential of re
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Hardcover, 384 pages
Published April 13th 2003 by Princeton University Press (first published March 1st 2003)
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Peter S
Mar 08, 2019 rated it it was ok
This book is pretty boring and lacks any sort of actionable frameworks for thinking. I might try another Shiller book at some point, but not for a while.
Alexander
Oct 20, 2019 rated it it was amazing
This review has been hidden because it contains spoilers. To view it, click here.
Daniel
Jan 12, 2020 rated it it was amazing
Shiller believes in financial risk management tools for, dare I say it, socialist goals? I was expecting death by a thousand efficient market hypotheses. It turned out the whole purpose of the book is to think through how to insulate people from uncertainty. His favourite examples of financial innovations are social insurance schemes or religious taxes.

The stability provided by financial risk management is over-looked (arguably because it comes at the cost of fragility). I don't think we've rea
...more
Shawn
Sep 21, 2019 rated it liked it
Shelves: history-society
The study of economics in finance has been a great weakness for me. Even the most frequently used terms such as tax, index or corporation are unwieldy, especially when they are tossed around so casually and quickly. I think a lot of folks can relate to my elementary understanding of terminology, acronyms and commonly known ideas, e.g. what are capital, or futures markets, or percentiles & tax brackets. For the students and knowledgeable there is fluency in the language the author uses to constru ...more
May Ling
Jun 13, 2011 rated it liked it  ·  review of another edition
Shelves: finance
Relative to Irrational Exuberance, which received much acclaim, The New Financial Order was not given the same sort of thumbs up. I'm a bit biased having seen him speak and thinking that many of his ways of looking at the world are quite unique. A huge fan of Shiller, I was taken aback to find that the reviews of the book were very mixed. Of course i had to read it and have my own say.

Shiller's book which proposes a "New Financial Order" does in fact provide his preliminary thoughts on how that
...more
John
Mar 10, 2012 rated it really liked it
Those who want a positive, ethical, and thoughtful account of a number of plausible, expansive futures for the scope of financial policy in our lives will enjoy this book. It was written in 2003, and is beginning to show its age. Although many of the policies that are presented could still be pursued, it is written without the kinds of arguments, caveats, and measures that are now necessary given what we have learned about the financial crisis. It is also disappointing that that although this bo ...more
Jeremy Highsmith
First published in 2003, Shiller illustrates several interesting proposals for creating markets and contracts to hedge a wide range of social and economic risks. It could be an interesting prognostication of new markets and financial innovations or a deadend given the recent problems of counterparty risk and synthetic/ derivative indices. The S&P/Case Shiller Home Price Index (HPI) and several European residential and commercial real estate indices are examples of successful implementation (howe ...more
Brock
Dec 24, 2008 added it
This book poses some interesting ideas and makes you think about possible methods to mitigate social and personal risk. Even though reality tells us that many of the Utopian ideals of this book will likely never come to be, it still is a good book that makes you think that we may be better off somewhere in the middle ground.
Tobias
Jul 10, 2014 rated it really liked it
Shelves: finance, investing
Some great ideas of looking towards modernising & maximising the potential of finance & technology in the 21st century!
Jeffrey
Nov 15, 2009 rated it liked it
Got it at Princeton's bookshop. Read it while on holiday. Interesting enough to capture my attention! ...more
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Robert James "Bob" Shiller (born Detroit, Michigan, March 29, 1946) is an American economist, academic, and best-selling author. He currently serves as the Arthur M. Okun Professor of Economics at Yale University and is a Fellow at the Yale International Center for Finance, Yale School of Management. Shiller has been a research associate of the National Bureau of Economic Research (NBER) since 198 ...more

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