Download Fault Lines: How Hidden Fractures Still Threaten the World's Economy AudioBook Free
Raghuram Rajan was one of the few economists who warned of the global financial meltdown before it strike. Now, as the world struggles to recuperate, it's tempting to blame what happened on only a few greedy bankers who had taken irrational dangers and left the rest of us to foot or so the expenses. In Fault Lines, Rajan argues that serious defects throughout the market are also to blame, and warns that a potentially more disastrous crisis awaits us if they aren't set. Rajan explains the way the individual options that collectively caused the economic meltdown - created by bankers, government representatives, and standard homeowners - were rational reactions to a flawed global financial order where the incentives to take on risk are extremely out of step with the hazards those risks cause. He traces the deepening fault lines in a global overly reliant on the indebted American consumer to electric power global economic progress and stave off global downturns. He exposes a system where America's growing inequality and slender social back-up create tremendous political pressure to encourage easy credit and keep job creation powerful, whatever the consequences to the economy's long-term health; and where the U.S. financial sector, with its skewed incentives, is the critical but unstable hyperlink between an overstimulated America and an underconsuming world. In Fault Lines, Rajan demonstrates how unequal usage of education and healthcare in america puts people in deeper financial peril, even while the economic options of countries like Germany, Japan, and China place an undue burden on America to get its procedures right. He outlines the hard options we have to make to ensure a far more stable world market and restore long lasting prosperity.
