In September 2008 the Great Financial Crisis, triggered by the collapse of Lehman brothers, shook the world. A decade later its spectre still haunts us. As the appalling scope and scale of the crash was revealed, the financial institutions that had symbolised the West's triumph since the end of the Cold War seemed - through greed, malice and incompetence - to be about to bring the entire system to its knees.
Crashed is a brilliantly original and assured analysis of what happened and how we were rescued from something even worse - but at a price which continues to undermine democracy across Europe and the United States. Gnawing away at our institutions are the many billions of dollars which were conjured up to prevent complete collapse. Over and over again, the end of the crisis has been announced, but it continues to hound us - whether in Greece or Ukraine, whether through Brexit or Trump. Adam Tooze follows the trail like no previous writer and has written a book compelling as history, as economic analysis and as political horror story.
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Customer ReviewsMost Helpful
By P Garbett on 21-08-18
A must read for understanding the world today
Dealing first with the financial crisis of 2008 (the build-up to the crisis and the response of policy makers) and then the European sovereign debt crisis of 2010 - 2012, Adam Tooze has written as good an analysis as anything I've seen from strictly economic commentators. It helps enormously that he writes so well.
The book though is far more than an history of the financial shenanigans of Wall Street and the City of London, or the various policy responses of the Fed, BofE and ECB. At its heart the book deals with the question of how modern democratic politics interacts with the hugely complex, interconnected macro-financial system, as he labels it. Judged by the response of the GOP and the Conservative Party in Britain, parties that traditionally placed themselves as mediating this relationship, the signs are far from encouraging.
2 of 2 people found this review helpful
By Oliver Hayman on 07-09-18
Great History of the Crash and it's Effects
Excellent history of the Crash & how the banks responded. My only criticism is it presents a somewhat sympathetic account to those in power making the decisions at the time. Where it could have been better is in outlining a more progressive alternative than the one demanded by the EU / global finance since 2008 - to better contextualise the failings of govts to prioritise the prosperity of its people over the continuation of an inequitable system on life support - fuelled by unsustainable debt / credit bubbles.
1 of 1 people found this review helpful