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The Age of Stagnation: Why Perpetual Growth is Unattainable and the Global Economy is in Peril Hardcover – February 9, 2016
Purchase options and add-ons
- Print length347 pages
- LanguageEnglish
- PublisherPrometheus
- Publication dateFebruary 9, 2016
- Dimensions6 x 1.18 x 9 inches
- ISBN-10163388158X
- ISBN-13978-1633881587
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About the Author
Product details
- Publisher : Prometheus (February 9, 2016)
- Language : English
- Hardcover : 347 pages
- ISBN-10 : 163388158X
- ISBN-13 : 978-1633881587
- Item Weight : 1.27 pounds
- Dimensions : 6 x 1.18 x 9 inches
- Best Sellers Rank: #2,467,982 in Books (See Top 100 in Books)
- #1,654 in Development & Growth Economics (Books)
- #2,009 in Economic Policy
- #2,259 in International Economics (Books)
- Customer Reviews:
About the author

Satyajit Das is an internationally respected expert in finance, with over 30 years' experience. He worked for the "sell side" (banks such as Citicorp Investment Bank and Merrill Lynch), the "buy side" (Treasurer of the TNT Group) and acted as a consultant advising banks, investors, corporations and central banks throughout the world. He has been within touching distance of many of the pivotal events in finance during his long career.
Das presciently anticipated many aspects of the Global Financial Crisis in his 2006 book Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives In a speech that year - The Coming Credit Crash - he argued that: "an informed analysis of the structured credit markets shows that risk is not better spread but more leveraged and (arguably) more concentrated amongst hedge funds and a small group of dealers. This does not improve the overall stability and security of the financial system but exposes it to increased risk of a "crash" during a credit downturn." He has continued to be a respected commentator on developments in the crisis, accurately anticipating many subsequent phases.
He was featured in Charles Ferguson's 2010 Oscar winning documentary Inside Job and a 2009 BBC TV documentary - Tricks with Risk.
Das is the author of many highly regarded books on derivatives and risk management, which are regarded as standard reference works for professional traders. In 2006, he published the international best seller Traders, Guns & Money, a satirical insider's account of derivatives trading. The Financial Times described it as explaining "not only the high-minded theory behind the business and its various products but the sometimes sordid reality of the industry".
His latest book is Extreme Money: The Masters of the Universe and the Cult of Risk (2011) described by Nouriel Roubini as: "A true insider's devastating analysis of the financial alchemy of the last 30 years and its destructive consequences. With his intimate first-hand knowledge, Das takes a knife to global finance and financiers to reveal its inner workings without fear or favor."
He appears regularly in the media in the US, Canada, UK, Australian, New Zealand, India and South Africa. His opinion pieces appear in prestigious publications throughout the world including the Financial Times. His blogs can be found on a number of on-line financial sites, including www.wilmott.com, www.roubini.com, www.minyanville.com, www.eurointelligence.com, www.nakedcapitalism.com and www.prudentbear.com.
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Too "pessimistic"? It may not match your view, but the logic is sound. The author provides numerous facts and recent historical perspective (primarily since the global financial crisis) that lead to his conclusions.
I think The Age of Stagnation is a new must-ready on the subject!
"We must stop borrowing!" Good idea. However, borrowing has been part of the baseline for 30+ years. It's way past the "no movies out for a year" sort of solution. Hospitals getting their electricity cut off (Puerto Rico) or pension plans declaring insolvency(everywhere) is a more apt comparison. You know, the sort of things that tear society apart. Which brings me to...
"Hard decisions must be made!" Such as who lives and who dies? I'm so sorry, but I won't accept that glib statement anymore. The more I think about it the more cowardly the statement seems. If you are going to advocate for something spell it out.
"Return to common sense and honest ways!" Yup, I loved this one. But what era fits the bill? Certainly not any time past 1980. the 70's saw post WW2 momentum drag into the ground. World War 3? We all know that would be a final solution in the most unpleasant way imaginable.
It's important to remember that perpetual growth was popularized as way of getting everyone in the world up to a certain living standard. It never made sense but for a while it worked. It hung on because there was nothing better to take its place. Taking a general vow of poverty is not an acceptable answer. All the parasites that took advantage before will come back for seconds and innovation will plunge. What I'm looking for is a plan that keeps the electric grid up, the water system lead free and a reasonable level of heat and eats for the general population while we reinvent ourselves. Something like "Zero Sum Can be Fun!"
Now let's return to our continual game of "kick the can".
The first 100 pages were great. Then he starts writing about the environment, and says that anyone who disputes global warming is reminiscent of the tobacco industry trying to undermine the scientific evidence on the dangers smoking. At this point, he becomes intolerant of anyone who disagrees with modeling that he admits is not perfect. I was disappointed that he stooped to name-calling for anyone who disagrees with his outlook. He then builds his hypothesis for the future on imperfect modeling.
I then noticed how many of his facts lacked citations, and his prose contained more opinion (pessimistic) than facts: (pg 227) "the use of private wealth to pursue specific objectives undermines democracy." really? always?
The kicker is his books conclusion. This is the future, and taking action now can only delay his vision by around 15 - 30 years:
-people work til they die or can't physically work
-gov't mandated restrictions on individual space
-mandatory vegetarianism
-punitively expensive private car ownership
-consuming only locally grown foods
-air conditioning is banned
-bottled water is banned
-non-essential air-travel is restricted (no leisure travel)
-electricity consumption is rationed
-mandatory one-child policies in every country
-voluntary euthanasia is permitted
As I read his book, I realized most of his facts could be used to paint a different version of the future, as done by Matt Ridley in the Rational Optimist and Robert Bryce in Smaller Faster Lighter Denser Cheaper. The difference between Das and the 2 authors above, is that Das views the future through the prism of today; he can't imagine things changing. Technology is done improving, we are stuck with what we have already created (he actually argues this point in his book).
Absolutely horrible novel - don't waste your time.

