Lords of Finance: The Bankers Who Broke the World (Hardcover)

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ITEM# 11386321
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    ITEM#: 11386321

    Liaquat Ahamed has been a professional investment manager for 25 years. He has worked at the World Bank in Washington D.C. and the New York based partnership of Fischer Francis Trees and Watts, where he served as Chief Executive. He is currently an adviser to several hedge fund groups, including the Rock Creek Group and the Rohatyn Group, is a director of Aspen Insurance Co. and is on the board of Trustees of the Brookings Institution. He has degrees in economics from Harvard and Cambridge Universities.
    Winner of the 2010 Pulitzer Prize

    With penetrating insights for today, this vital history of the world economic collapse of the late 1920s offers unforgettable portraits of the four men whose personal and professional actions as heads of their respective central banks changed the course of the twentieth century


    It is commonly believed that the Great Depression that began in 1929 resulted from a confluence of events beyond any one person?s or government?s control. In fact, as Liaquat Ahamed reveals, it was the decisions taken by a small number of central bankers that were the primary cause of the economic meltdown, the effects of which set the stage for World War II and reverberated for decades.

    In Lords of Finance, we meet the neurotic and enigmatic Montagu Norman of the Bank of England, the xenophobic and suspicious Emile Moreau of the Banque de France, the arrogant yet brilliant Hjalmar Schacht of the Reichsbank, and Benjamin Strong of the Federal Reserve Bank of New York, whose facade of energy and drive masked a deeply wounded and overburdened man. After the First World War, these central bankers attempted to reconstruct the world of international finance. Despite their differences, they were united by a common fear?that the greatest threat to capitalism was inflation? and by a common vision that the solution was to turn back the clock and return the world to the gold standard.

    For a brief period in the mid-1920s they appeared to have succeeded. The world?s currencies were stabilized and capital began flowing freely across the globe. But beneath the veneer of boom-town prosperity, cracks started to appear in the financial system. The gold standard that all had believed would provide an umbrella of stability proved to be a straitjacket, and the world economy began that terrible downward spiral known as the Great Depression.

    As yet another period of economic turmoil makes headlines today, the Great Depression and the year 1929 remain the benchmark for true financial mayhem. Offering a new understanding of the global nature of financial crises, Lords of Finance is a potent reminder of the enormous impact that the decisions of central bankers can have, of their fallibility, and of the terrible human consequences that can result when they are wrong.

    Specs

    ISBN 9781594201820
    Genre BUSINESS & ECONOMICS / Corporate & Business History
    Format Hardcover
    Pages 564
    Publisher Date 2009-01-22 00:00:00.0
    Publisher Penguin Pr
    Copyright Year 2009
    Height 9.5 in
    Wdth 6.75 in
    Thickness 1.75 in
    Unit weight 2.0 lb
    Language English
    Subtitle The Bankers Who Broke the World
    Audience General/trade
    Authors Ahamed, Liaquat
    Country of Origin United States

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    • Gift for Husband
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      I purchased this book as a present for my banker husband after reading a wonderful review of it in the International Herald Tribune. He is about halfway through the book and is enjoying it immensely, so much so that I may read it next (and we normally don't read the same books!).

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