Jacques de Larosière
This work is probably the most ambitious – and also relevant – attempt to explain the set of causes that led to the disasters of 2007 and following years. But it is not only a lucid, competent and sometimes unconventional analysis of what went wrong. It proposes solutions based on economic literature but also on the personal views of an author who has devoted most of his career to this fundamental subject.
The analysis is fundamental not only for specialists of the international monetary system but, more importantly, also for our society. It is a book that should be read by government officials, economists, students and citizens.
Jacques de Larosière was Managing Director of the International Monetary Fund (1978-87), and Governor of the Banque de France (1987-93).
Forrest Capie
In this lucidly written and wide-ranging treatment of the global financial crisis, Robert Pringle traces the modern historical origins of the crisis and draws together the many elements in the story. Among the scores of books on the crisis, this one stands out for the accessibility of the account and the clear proposals it advances for the reform of both national financial systems and the international arrangements within which these operate. It will be read with profit by all manner of practitioners and commentators.
Forrest Capie is Professor Emeritus in Economic History, CASS Business School, London, and author of The Bank of England: the 1950s to 1979 , Cambridge, 2010.
Allan Meltzer
Robert Pringle’s Money Trap looks deeply at the fundamental problems of reforming the international monetary system to expand the politically feasible and economically viable alternatives open to countries. Since the end of Bretton Woods, the world economy has not had rules that guided markets toward an efficient equilibrium that benefitted large and small countries. Pringle shows why current international arrangements repeatedly bring crises.
Allan Meltzer is University Professor of Political Economy, Carnegie Mellon University, Pittsburgh, and the leading historian of the US Federal Reserve.
Y V Reddy
The Money Trap embodies an original, ambitious, bold, and provocative approach to the subject of the crisis and the monetary system. Most illuminating is the holistic view of the components of the global financial system, encompassing global money, global financial markets and national governments. At a time when the blame game is all too common in politics and economics, Robert Pringle gives a balanced analysis of global shifts in economic power to emerging economies, and suggests original ways in which we could harness the ‘power of global finance’. This book is a valuable addition to the literature available for policy makers, analysts, academics and participants in financial markets.
Dr Y V Reddy is a former Governor of the Reserve Bank of India.
Eisuke Sakakibara
It is always very important to review history, particularly the history of past mistakes. By doing that, we could see how we should behave in the future when similar crisis hit us. Mr. Pringle’s book does exactly that. It contributes greatly to our understanding of the present international financial system.
Eisuke Sakakibara, who was widely known as “Mr Yen” for his decisive influence on the yen exchange rate, is Professor of Waseda University, Tokyo and a Former Vice Minister of Finance and International Affairs of Japan.
Graham Bannock
This book cuts through all the carping and obfuscation to the real problem bedevilling all the advanced countries: the lack of reliable money.
Graham Bannock is a leading business consultant and a prolific author of books on economic history and the economics of business. His advisory work has focused on official support for SMEs. He is the co-author (with R.E.Baxter) of The Palgrave Encyclopedia of World Economic History and the Penguin Dictionary of Economics; see website www.grahambannock.com.
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