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The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means

The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means
By George Soros

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Product Description

In the midst of the most serious financial upheaval since the Great Depression, legendary financier George Soros explores the origins of the crisis and its implications for the future. Soros, whose breadth of experience in financial markets is unrivaled, places the current crisis in the context of decades of study of how individuals and institutions handle the boom and bust cycles that now dominate global economic activity. “This is the worst financial crisis since the 1930s,” writes Soros in characterizing the scale of financial distress spreading across Wall Street and other financial centers around the world. In a concise essay that combines practical insight with philosophical depth, Soros makes an invaluable contribution to our understanding of the great credit crisis and its implications for our nation and the world.

Product Details

  • Amazon Sales Rank: #512 in Books
  • Published on: 2008-05-05
  • Original language: English
  • Number of items: 1
  • Binding: Hardcover
  • 208 pages

Editorial Reviews

Review
Tucson Citizen
“Brilliant…examines a complex problem with both insight and philosophical depth….A much-needed contribution that should help many of us better understand the great credit crisis and what it means, not just for the United States but the entire world.”

BBC Business editor Robert Peston
“Totally compelling”

The London Times “They're wrong about oil, by George: In short, the standard economic assumption that supply and demand drive prices is only a starting point for understanding financial markets. In boom-bust cycles, the textbook theory is not just slightly inaccurate but totally wrong. This is the main argument made by George Soros in his fascinating book on the credit crunch, The New Paradigm for Financial Markets, launched at an LSE lecture last night.”

Reuters
“Soros says market rebound a bear-market rally: Billionaire hedge-fund manager George Soros said at LSE on Wednesday that the current rebound in stock markets is only a bear-market rally, because monetary authorities are unlikely to be able to handle the credit crisis.”

About the Author
George Soros is chairman of Soros Fund Management and is the founder of a global network of foundations dedicated to supporting open societies. He is the author of several best-selling books including The Bubble of American Supremacy, Underwriting Democracy, and The Age of Fallibility. He was born in Budapest and lives in New York City.

Customer Reviews

Buy it. 5
This book will take you a long way in understanding what just happened in the financial markets and with the housing bust.

Whether or not you want to buy Soro's theory of 'reflexivity' as 'the new paradigm' is up to you, but he does make the simple and accurate point that any economic theory that had human beings objectively describing the world and then making decisions based on that 'accurate' intelligence is a silly theory.

Market fundamentals? Those are actually our perception of market fundamentals, so if we delude ourselves about those fundamentals(housing prices will never come down, the dow is going to 30,000) then we mis-take the markets. And people can be delusional as all hell if you haven't noticed. It just keeps on happening...

Soros describes bubbling phenomena with his 'far-from-equilibrium' theory. He gives an 8-stage descriptive theory of bubbles (pg. 65-66) that is, in and of itself, enough reason to buy this book. Look at gold in the 1970s...it followed the exact pattern.

This text advanced my understanding of how markets work and why it is that human idiocy is such an important variable. George wants to explain how this idiocy can actually drive a market, and I appreciate the attempt.

Soros also lets his political opinions be known, but so what. You don't have to agree with him.

Awesome outline5
A good summary of Who's Soros and what's his take for the market--past and future. Most helpful is his insight on the big picture, which could lead to good investment ideas even if he doesn't provide any specific tip.

Practical insights and new rules from George Soros4
Legendary financier George Soros is worried. The financial markets face the worst credit crisis since the Depression and their existing paradigm needs to be replaced. The new paradigm Soros recommends is based on what he calls the "theory of reflexivity." This book-length essay provides a crash course in the billionaire investor's philosophy and view of financial markets, the origins and consequences of the current credit crunch, the boom-bust model and the behavior of market participants. Soros intersperses his market analysis with enough personal details from his early life and career to keep the book lively. He is also quite vocal in his political beliefs; Democrats will probably appreciate the case he makes against President George W. Bush's administration and its policies. One weakness of the book, other than its repetitiveness as Soros explains his theory, is that he relies heavily on technical and financial jargon, which makes it tough to penetrate and may prove a barrier to some readers. Ironically, he seems to be fully aware of this shortcoming when he writes that readers may find one of his particularly theoretical chapters to be "somewhat repetitive and hard-going." Nevertheless, his warm personal voice and the depth of his financial experience, which spans more than half a decade, is hard to match. Thus, getAbstract notes that this book has much to offer executives, investors, and students of financial markets and theory. (As is true of every Abstract, the following views are those of the author and not of getAbstract.)