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Introduction
The “Crisis Economics: A Crash Course in the Future of Finance” book is generally divided into three parts according to the flow of information given. In the first few chapters, the authors discuss the general reasons that lead to the global recession. Here, the writers give their views with regard to policies and political influences that they think, may have been the cause of the economic meltdown. This information is well developed basing on concrete evidences that prove their arguments. The second part of the book talks about the current situation as the world experiences the economic meltdown. The economic crisis facing the world exposes the government’s unpreparedness for such an event. They argue that an economic downfall is predictable and common, citing the evidences of the countries affected by the same in the past. The third part of this book is about available options to avert a possible recurrence of the severe depression of the economy.
Authors’ main contention
Roubini and Mih insist that an economic downfall is a common situation although there is a remedy. They argue that big banks must face restrictions that will protect the economy from collapsing in case of bankruptcy. Roubini is specific in stating how the economy is exposed to risky eventualities by having big banks as well as large businesses. While splitting these giant enterprises may hamper business opportunities, they reduce the risks of an economic downfall. They argue that these businesses are not too huge to fail but at the same time, too big to exist, hence managing them becomes a multifaceted endeavor (Roubini and Mih, 36-37). This has a sensible backing when a careful thought on the extent in which the fall in the economy will affect them is given.
Another contention the authors hold against the government is the budgetary debt and trade deficit, especially with regard to China. They argue that the current status is unsustainable for economic progress citing it as dangerous. They think that the government’s best move would be to correct and fix its fiscal policies as well as increase savings. Roubini and Mih lament that economists fail to give the proper solutions to deal with the crisis. They feel that the stakeholders in the field underestimate the economic crisis which only makes the situation worse. According to their view, the biggest tragedy is not in the rising commodity prices or falling of assets prices but in the escalating debt (Roubini and Mih, 39-42).
The book’s strong points
The most remarkable strength of this book is the fact that it is about a current situation in the global level which comes as a timely remedy for dealing with the crisis. The authors have outlined a very interesting research that draws attention of people from all walks of life. The book is released when the matters it discusses are highly relevant, thus it is in line with the current state of affairs. It shows how the authors manage to capture the readers’ mind with this burning issue. The writers boldly cover all the details concerning the crisis in this book. Pointing-finger at Alan Green and mocking Goldman, the CEO of Lloyd Blankfein, are the instances where the authors boldly address an issue.
The book can also be classified as a history book on economics which is based on historical accounts. Due to Crisis Economics: A Crash Course in the Future of Finance, one understands and gets information about the economic crisis since the 1600’s (Roubini and Mih, 56-60). All the accounts are briefly described to help the reader understand the patterns of a probable crisis. This historical reflection and discussions give the book a considerable support on the authors’ thesis that economical crisis can be controlled. History, as presented in the book, shows that a crisis should not be perceived as a shock as it is a normal economic cycle. It is, therefore, through the research on the past economic meltdown that the economists have learned that risky economic crisis can be predicted.
In the last chapters, the authors incorporate suggestions on how to prepare for another global economic calamity. As good counselors, they focus on financial reports that can be useful and also forecasted for the future. They observe that the monetary systems are at risk and vulnerable to inflation or deflation (Roubini and Mih, 66-70). They also fear that China may take advantage of the financial situation to politically counter attack the US. All these are possibilities that this book reveals which, to a great extent, are worth paying attention. This book does not only share the authors’ opinion on the ongoing crisis but also seeks to be a part of the solution for the problem.
The book’s shortcomings
The book is an excellent piece of research on historic economic crisis explaining how the crisis can break out. However, the book offers an average insight into the current situation with regard to the 2007-2009 financial crises (Roubini and Mih, 50-53). The financial explanation is not quite elaborate as compared to the rest issues discussed which are connected with the crisis. The authors’ suggestion on the solutions is definitely not a good idea to many. However, this may be the only chance to put our “fiscal house in order” as the writers clearly explain it; nevertheless, this is a very high price to pay. Their idea of solving the problem by crumpling big economies is devastating and risky as well. This may hurt the economy to a non-recoverable extent in the long run. It also involves a risk of not even achieving the intended goal since this solution is not a sure way of doing it but a speculative one. The book is also to a greater extent very repetitive. Ideas are repeated over and over again making it seem boring to some degree.
Impact of the book on readers
This book inspires its readers due to the detailed information it gives. It helps understand the crisis not just from the image built on the basis of the information they hear in the news, but also considering the economic historical events. This is important as readers can be aware of the actions that lead to the economic downfall as the book presents the factors that cause it. Knowing that economic crisis is a predictable situation provides us with a new way of looking at things happening economically. The general public can now keep watch on the economic trends and not look at economic crisis as a big misfortune that has no origin. The readers comprehend better the matters pertaining economical recession, hence cushioning the impact of shock on the event when it occurs. This is the best book on economics worth reading by serious individuals with economic concerns.
Works Cited
Roubini, Nouriel, and Stephen Mih. Crisis Economics: A Crash Course in the Future of Finance. New York, NY: The Penguin Press, 2010. Print.
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