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Richard Bookstaber | 3.97
Inside markets, innovation, and risk Why do markets keep crashing and why are financial crises greater than ever before? As the risk manager to some of the leading firms on Wall Street-from Morgan Stanley to Salomon and Citigroup-and a member of some of the world's largest hedge funds, from Moore Capital to Ziff Brothers and FrontPoint Partners, Rick Bookstaber has seen the ghost inside the machine and vividly shows us a world that is even riskier than we think. The very things done to make markets safer, have, in fact, created a world that is far more dangerous. From the 1987 crash to... more Inside markets, innovation, and risk Why do markets keep crashing and why are financial crises greater than ever before? As the risk manager to some of the leading firms on Wall Street-from Morgan Stanley to Salomon and Citigroup-and a member of some of the world's largest hedge funds, from Moore Capital to Ziff Brothers and FrontPoint Partners, Rick Bookstaber has seen the ghost inside the machine and vividly shows us a world that is even riskier than we think. The very things done to make markets safer, have, in fact, created a world that is far more dangerous. From the 1987 crash to Citigroup closing the Salomon Arb unit, from staggering losses at UBS to the demise of Long-Term Capital Management, Bookstaber gives readers a front row seat to the management decisions made by some of the most powerful financial figures in the world that led to catastrophe, and describes the impact of his own activities on markets and market crashes. Much of the innovation of the last 30 years has wreaked havoc on the markets and cost trillions of dollars. A Demon of Our Own Design tells the story of man's attempt to manage market risk and what it has wrought. In the process of showing what we have done, Bookstaber shines a light on what the future holds for a world where capital and power have moved from Wall Street institutions to elite and highly leveraged hedge funds. less 
Charles MorrisWhat Bookstaber does is to step back and look at the whole theory of economics that drives modern markets. (Source)
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THE DEFINITIVE SINGLE-VOLUME BIOGRAPHY
Robert Skidelsky's three-volume biography of John Maynard Keynes has been acclaimed as the authoritative account of the great economist-statesman's life. Here, Skidelsky has revised and abridged his magnum opus into one definitive book, which examines in its entirety the intellectual and ideological journey that led an extraordinarily gifted young man to concern himself with the practical problems of an age overshadowed by war. John Maynard Keynes offers a sympathetic account of the life of a passionate visionary and an... more THE DEFINITIVE SINGLE-VOLUME BIOGRAPHY
Robert Skidelsky's three-volume biography of John Maynard Keynes has been acclaimed as the authoritative account of the great economist-statesman's life. Here, Skidelsky has revised and abridged his magnum opus into one definitive book, which examines in its entirety the intellectual and ideological journey that led an extraordinarily gifted young man to concern himself with the practical problems of an age overshadowed by war. John Maynard Keynes offers a sympathetic account of the life of a passionate visionary and an invaluable insight into the economic philosophy that still remains at the centre of political and economic thought.
ROBERT SKIDELSKY is Emeritus Professor of Political Economy at the University of Warwick. His three volume biography of John Maynard Keynes (1983, 1992, 2000) received numerous prizes, including the Lionel Gelber Prize for International Relations and the Council on Foreign Relations Prize for International Relations. ('This three-volume life of the British economist should be given a Nobel Prize for History if there was such a thing' - Norman Stone.) He was made a life peer in 1991, and a Fellow of the British Academy in 1994.
'A masterpiece of biographical and historical analysis' - New York Times less Charles MorrisWhat’s so wonderful about Keynes was that he didn’t trust economics. He understood that this was a human study, that it was not a scientific or mathematical study. (Source)
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In this extensive inquiry into the sources of modern selfhood, Charles Taylor demonstrates just how rich and precious those resources are. The modern turn to subjectivity, with its attendant rejection of an objective order of reason, has led—it seems to many—to mere subjectivism at the mildest and to sheer nihilism at the worst. Many critics believe that the modern order has no moral backbone and has proved corrosive to all that might foster human good. Taylor rejects this view. He argues that, properly understood, our modern notion of the self provides a framework that more than compensates... more In this extensive inquiry into the sources of modern selfhood, Charles Taylor demonstrates just how rich and precious those resources are. The modern turn to subjectivity, with its attendant rejection of an objective order of reason, has led—it seems to many—to mere subjectivism at the mildest and to sheer nihilism at the worst. Many critics believe that the modern order has no moral backbone and has proved corrosive to all that might foster human good. Taylor rejects this view. He argues that, properly understood, our modern notion of the self provides a framework that more than compensates for the abandonment of substantive notions of rationality.
The major insight of Sources of the Self is that modern subjectivity, in all its epistemological, aesthetic, and political ramifications, has its roots in ideas of human good. After first arguing that contemporary philosophers have ignored how self and good connect, the author defines the modern identity by describing its genesis. His effort to uncover and map our moral sources leads to novel interpretations of most of the figures and movements in the modern tradition. Taylor shows that the modern turn inward is not disastrous but is in fact the result of our long efforts to define and reach the good. At the heart of this definition he finds what he calls the affirmation of ordinary life, a value which has decisively if not completely replaced an older conception of reason as connected to a hierarchy based on birth and wealth. In telling the story of a revolution whose proponents have been Augustine, Montaigne, Luther, and a host of others, Taylor's goal is in part to make sure we do not lose sight of their goal and endanger all that has been achieved. Sources of the Self provides a decisive defense of the modern order and a sharp rebuff to its critics. less 
Fred InglisWhat is so powerful and marvellous about Taylor’s book is what the title announces – this deep question of where do we get our ideas of ourselves from? And the answer is history. (Source)
Charles MorrisIn the last 30 years economics has been colonising every science. Even something like education all comes down to incentives, and that mind-set has become pervasive. (Source)
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4
The best known and most highly regarded book on financial crises
Financial crises and speculative excess can be traced back to the very beginning of trade and commerce. Since its introduction in 1978, this book has charted and followed this volatile world of financial markets. Charles Kindleberger's brilliant, panoramic history revealed how financial crises follow a nature-like rhythm: they peak and purge, swell and storm. Now this newly revised and expanded Fourth Edition probes the most recent "natural disasters" of the markets--from the difficulties in East Asia and the... more The best known and most highly regarded book on financial crises
Financial crises and speculative excess can be traced back to the very beginning of trade and commerce. Since its introduction in 1978, this book has charted and followed this volatile world of financial markets. Charles Kindleberger's brilliant, panoramic history revealed how financial crises follow a nature-like rhythm: they peak and purge, swell and storm. Now this newly revised and expanded Fourth Edition probes the most recent "natural disasters" of the markets--from the difficulties in East Asia and the repercussions of the Mexican crisis to the 1992 Sterling crisis. His sharply drawn history confronts a host of key questions.
Charles P. Kindleberger (Boston, MA) was the Ford Professor of Economics at MIT for thirty-three years. He is a financial historian and prolific writer who has published over twenty-four books. less 
Marc FaberHe describes very well how these manias occur and what the symptoms are of manias in terms of excessive speculation, overleverage, borrowing, fraud, embezzlement, high trading volumes, and so forth. (Source)
Charles MorrisKindleberger’s great virtue is that he was both a respected economist and a student of human nature, and he knew that human nature could never be bottled up in an economic model. His book is a terrific narrative of a series of bubbles, going back to pre-industrial days – the Dutch tulip craze, the South Sea bubble, and so forth.. (Source)
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5
Throughout history, rich and poor countries alike have been lending, borrowing, crashing--and recovering--their way through an extraordinary range of financial crises. Each time, the experts have chimed, "this time is different"--claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. With this breakthrough study, leading economists Carmen Reinhart and Kenneth Rogoff definitively prove them wrong. Covering sixty-six countries across five continents, This Time Is Different presents a comprehensive look at the... more Throughout history, rich and poor countries alike have been lending, borrowing, crashing--and recovering--their way through an extraordinary range of financial crises. Each time, the experts have chimed, "this time is different"--claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. With this breakthrough study, leading economists Carmen Reinhart and Kenneth Rogoff definitively prove them wrong. Covering sixty-six countries across five continents, This Time Is Different presents a comprehensive look at the varieties of financial crises, and guides us through eight astonishing centuries of government defaults, banking panics, and inflationary spikes--from medieval currency debasements to today's subprime catastrophe. Carmen Reinhart and Kenneth Rogoff, leading economists whose work has been influential in the policy debate concerning the current financial crisis, provocatively argue that financial combustions are universal rites of passage for emerging and established market nations. The authors draw important lessons from history to show us how much--or how little--we have learned.
Using clear, sharp analysis and comprehensive data, Reinhart and Rogoff document that financial fallouts occur in clusters and strike with surprisingly consistent frequency, duration, and ferocity. They examine the patterns of currency crashes, high and hyperinflation, and government defaults on international and domestic debts--as well as the cycles in housing and equity prices, capital flows, unemployment, and government revenues around these crises. While countries do weather their financial storms, Reinhart and Rogoff prove that short memories make it all too easy for crises to recur.
An important book that will affect policy discussions for a long time to come, This Time Is Different exposes centuries of financial missteps. less 
Francis FukuyamaReinhart and Rogoff are two macroeconomists who have done a marvellous job in bringing together a lot of historical and international data about how unstable financial systems are. The title of their book, This Time is Different, tells you the whole theme. In many respects, the Wall Street crisis was not at all different from Argentina or Britain in the early 1990s or any number of other crises... (Source)
Dambisa MoyoI think the more interesting story in This Time Is Different is what happens in the aftermath of bubbles, which links to what we were talking about before. In the case of the US, it’s still very reliant on tried and tested formulas to try to sort out economic busts – ie let’s just reflate this bubble by using relatively loose monetary policy and fiscal policy (think low interest rates, tax... (Source)
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