Here a leading economist and leading political scientist team up to explain in simple, straightforward terms the political economy of the financial crisis. If you have time to read only one book on the crisis, read this. (Barry Eichengreen, University of California Berkeley)
“Through pointed historical and comparative illustration, the authors show how financiers, politicians, and ideologues ushered in the crisis, and highlight the challenges we must overcome to avoid another lost decade.” (Nouriel Roubini, Stern School of Business, NYU)
“An integrated and compelling account of where our debts came from – and why they won’t go away any time soon. Chinn and Frieden combine the smartest kind of economics with the toughest kind of political science. Read this book for a somewhat disheartening but completely enlightening education – and then send 10 copies to the White House and Capitol Hill.” (Simon Johnson, MIT, co-author of 13 Bankers)
“This wonderful book by two leading political economists identifies the roots of the recent financial crisis and the deep recession that followed, but more important, tells us what awaits us if we do not fix the underlying problems. It is political economy as it was meant to be - accessible and concise, even while deeply troubling.” (Raghuram G. Rajan, Booth School of Business, University of Chicago)
“You will not read a better political-economic synthesis of America’s financial crisis than this book.” (Dani Rodrik, author of The Globalization Paradox)
“An intelligent, vivid, and accessible account of the first great crisis of the 21st century. Drawing on comparisons that will bother recalcitrant believers in American economic exceptionalism, the authors depict a gloomy panorama for the years to come unless policy makers get serious about fiscal reform. This is a must-read for the expert and the layman alike.” (Ernesto Zedillo, Director of the Yale Center for the Study of Globalization Former President of Mexico)
About the Author
Menzie D. Chinn teaches at the University of Wisconsin, Madison, and coauthors the influential blog Econbrowser.
Jeffry A. Frieden is Professor of Government at Harvard University. He specializes in the politics of international monetary and financial relations. Frieden is the author (with Menzie Chinn) of Lost Decades: The Making of America’s Debt Crisis and the Long Recovery. His previous books include Global Capitalism: Its Fall and Rise in the Twentieth Century; Debt, Development, and Democracy: Modern Political Economy and Latin America, 1965–1985; and Banking on the World: The Politics of American International Finance; and he is the co-author or co-editor of many other books on related topics. His articles on the politics of international economic issues have appeared in a wide variety of scholarly and general-interest publications.