The Soros Lectures: At the Central European University [Hardcover]

George Soros (Author)

Book Description

Publication Date: February 9, 2010

Five lectures George Soros recently delivered at the Central European University in Budapest - which he founded in 1991 - distill a lifetime of thinking on finance, capitalism and open society In a series of lectures delivered at the Central European University in October 2009, George Soros provided a broad overview of his thoughts on economics and politics. The lectures are the culmination of a lifetime of practical and philosophical reflection. In the first and second lecture, Soros discusses his general theory of reflexivity and its application to financial markets, providing insight into the recent financial crisis. The third and fourth lectures examine the concept of open society, which has guided Soros' global philanthropy, as well as the potential for conflict between capitalism and open society. The closing lecture focuses on the way ahead, closely examining the increasingly important economic and political role that China will play in the future. "The Budapest Lectures" presents these five seminal talks into one volume, which offers a condensed and highly readable summary of Soros' world view.

Editorial Reviews

Review

Fareed Zakaria, CNN
“It’s a terrific look into the worldview of one of the richest and most fascinating men in the world.”

Guardian
“Soros offers a charming mix of autobiography, analysis of the financial crisis, and explication of his concept of ‘reflexivity’ in economics.”

Financial World

“When George Soros speaks, people listen, which is why this collection of lectures by Soros on his philosophy of life and markets will command attention.”

About the Author

George Soros is chairman of Soros Fund Management and the founder of a global network of foundations dedicated to supporting open societies. He is the author of several best-selling books, most recently The New Paradigm for Financial Markets. He was born in Budapest and lives in New York City.

Product Details

• Hardcover: 144 pages
• Publisher: PublicAffairs; 1 edition (February 9, 2010)
• Language: English
• ISBN-10: 1586488856
• ISBN-13: 978-1586488857
• Product Dimensions: 7.9 x 5.6 x 0.6 inches
• Shipping Weight: 8 ounces (View shipping rates and policies)
• Average Customer Review: 4.4 out of 5 stars  See all reviews (16 customer reviews)
• Amazon Best Sellers Rank: #401,312 in Books (See Top 100 in Books)

More About the Author

George Soros was born in Budapest, Hungary on August 12, 1930. He survived the occupation of Budapest and left communist Hungary in 1947 for England, where he graduated from the London School of Economics. While a student at LSE, Mr. Soros became familiar with the work of the philosopher Karl Popper, who had a profound influence on his thinking and later on his professional and philanthropic activities. The financier. In 1956 Mr. Soros moved to the United States, where he began to accumulate a large fortune through an international investment fund he founded and managed. Today he is Chairman of Soros Fund Management LLC.

Customer Reviews

Most Helpful Customer Reviews

32 of 37 people found the following review helpful:

5.0 out of 5 stars A brave study of our open society, March 8, 2010

By 

S. Spilka - See all my reviews
(REAL NAME)   

Amazon Verified Purchase

This review is from: The Soros Lectures: At the Central European University (Hardcover)

At this--America's dark and anxious hour--the Soros Lectures comes to us as a rare gift of clear and deep thinking about American democracy. This is the clarion call of the man who created the Open Society Foundation and dedicated his life to the enhancement of democracy in America, as well as in many closed societies all over the globe.
I was particularly struck by the force and lucidity of Lectures three and four, which explain, in a succinct and distilled manner, how our present dire situation threatens not only the financial well-being of all Americans, but also the essence of our democracy--the open society.
Many may raise an eye-brow at the notion that our society is no longer the open society our founders envisioned. Can't we say, print, or tweet anything we want? Can't we freely assemble and freely practice our various religions? True, we can. However, Soros examines the open society concept from a different angle. His explicit requirement for an open society is "the pursuit of truth" (63). In our society, this requirement is a tall order. Politicians and markets have learned that through various propaganda devices reality can be manipulated. This manipulation, according to Soros, has been gradually progressing for a long time but has reached its ultimate expression during the Bush presidency (63). With "alarm," Soros notes that "it has surfaced in the Obama administration as well" (67). Soros was further shocked to find out that Frank Lunz, a right-wing propagandist, "openly admitted that he used George Orwell's 1984 as his textbook in devising his slogans" (59). This discovery is indeed shocking, not only because it points out that the manipulation of truth has been conscious and deliberate, but also because it suggests a connection between the Communist dictatorship, which Orwell describes, and the "dictatorship," if we may call it so, of manipulated reality.
If deception is to be effective, however, the populace must be willing to embrace it. Indeed, they are. In Soros' words, Americans "are not particularly concerned with the pursuit of truth" (58). In fact, "they do not mind being deceived; indeed, they seem to positively invite it" (60). Why? Because Americans "are more interested in being entertained than informed" (60). They are eager to avoid "unpleasant realities" and pursue, instead, the "path of least resistance" (68). Sadly, President Obama, sensing that the country "is unwilling to face harsh realities" (69) has himself ducked them. Soros does not develop this subject, but I wonder, in light of his insights, if Obama has ever faced the nation with bitter truths or inspired it to acts of courage and discipline. The danger to our open society does not come from Big Brother but from our own cowardice and chase of vain pleasures.
In the next chapter, "Capitalism versus Open Society," Soros examines the "deep-seated conflict between capitalism and open society" (81). The market's pursuit of profit is amoral and that, according to Soros, is fine as long as the market is separate from politics and culture. But it isn't. In present day America, market "fundamentalism" (76) threatens the integrity of our social values by penetrating into areas--politics, law, education, and journalism--where it does not belong. Our society is ensnared by profit and greed. Our politicians put their own interests "ahead of the interests of the people" (82). Getting elected is so expensive that politicians are "beholden to their supporters" (82). Money corrupts politicians and special interests contaminate the political process. Surely, this is not a new idea, but it bears repeating because it puts into sharp relief our loss of all sense of shame. Americans are proud of their success, "irrespective of how they achieve it"(83). This may be illustrated by the recent Supreme Court decision which facilitated the flooding of our political system with special interests' money, but since Soros does not mention this decision, I assume that he published his book before it was announced. I wonder what he thinks about it.
The last chapter of the book is titled "The Way Ahead." However, the only solution Soros can offer is the separation of the markets from society. But how can we do that? Does anybody know?
This book is a seminal study. I hope its ideas will spread and capture the imagination of thinkers, artists, and doers, all across this land.
Shelly Spilka

9 of 11 people found the following review helpful:

5.0 out of 5 stars An investment maestro with unique conceptual engineering skills, May 14, 2010

By 

Hubert Shea (Shanghai, China) - See all my reviews
(REAL NAME)   

This review is from: The Soros Lectures: At the Central European University (Hardcover)

What distinguishes Soros from other investment maestros is that he can construct a unique conceptual framework to judge what people should think and act in financial and non-financial worlds. As a staunch advocate of democracy and open society, Soros has claimed that people can lead to a better life if they have full understanding about the relationship between thinking and reality.

This book consists of 5 lecture notes delivered to students from the Central Europe University in 2009 which focused on a contiguity of current world affairs, including 2008 global financial crisis, democracy in the US, and the future of China. According to Soros, human knowledge are imperfect and subjective but social scientists have made vain attempts to construct theories that they think are `objectively' true. The recent financial crisis can be a representation of misinterpretation of what the financial market should work in which thinking and reality are connected in opposite directions. The efficient market hypothesis and rational expectation theory are widely supported by market fundamentalists in the financial authorities and markets which have become the generic cause of a series of financial crises.

In politics, Soros is a devout supporter of open society in which people are protected under the rule of law to defend against the abuse of power and speak truth to power. The value of American democracy quickly deteriorated and atrophied under the Bush administration because the government had deliberately misled the electorate when it invaded Iraq and the manipulative function took precedence over the cognition function in thinking. The agency problem in representative democracy and the market economy can also become intractable if people look at their own personal interests and disregard questions of ethics and value. Since politics emphasizes social values and economy looks at profits, Soros believes that both representative democracy and the market economy can function better if people can separate their role as political participants from their role as market participants.

Soros is not too optimistic about global economic recovery after the 2008 financial crisis. Nor does he believe that US can retain its political supremacy after the Iraq war. Nonetheless, China can be a winner from the current crisis but the government must have long-term vision to move towards a more open society.

This book is highly recommended to readers who are interested in philosophy, political economy, and current world affairs.

10 of 13 people found the following review helpful:

5.0 out of 5 stars a little book from a great man, October 6, 2010

By 

loyal customer Bill - See all my reviews

This review is from: The Soros Lectures: At the Central European University (Hardcover)

This is a deceptively simple, small book. Were it not written by one of the greatest financial wizards and by a man who personally suffered in real life under fascists and then communists, it might be easy to discount it as the ramblings of a minor philosopher. In fact, however, it is an outline presentation of some of the axioms that Soros uses in his own life, and a collection of principles (sometimes with idiosyncratic names) used by Soros to understand both economics and our national (USA) struggle with freedom. Soros is thoroughly hated by the far right and by corrupt Americans on Wall Street who nearly brought down our country. And, by anybody who likes Bush II. For good reason: he ruthlessly attacks their dishonesty, hypocrisy, selfishness, and willingness to manipulate the majority of Americans who cannot face reality. Of special interest in his 4th lecture: he elevates the "agency problem" to the highest level of his thinking. "Agents are supposed to represent the interests of their principals, but in fact, they tend to put their own interests ahead of the interests of those whom they are supposed to represent." He is speaking of our government. A little book from a giant man. I agree that all members of Congress and the Executive Branch should read it.