Lords of Finance

Liaquat Ahamed

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With a keen sense of history and compelling narrative skills, Liaquat Ahamed gives us a vivid and dramatic account of four men whose actions led to the world economic collapse of the late 1920s.

Many of us presume that the Great Depression resulted from a confluence of inexorable forces beyond any one person's or government's control. In fact, as economist Liaquat Ahamed explains, it was decisions taken by a small number of central bankers that were the primary cause of the economic meltdown.

Meet the neurotic and enigmatic Montagu Norman of the Bank of England; the xenophobic and suspicious Emile Moreau of the Banque de France; the arrogant yet brilliant Hjalmar Schacht of the Reichsbank; and the dynamic Benjamin Strong of the New York Federal Reserve Bank. These men were as prominent then as Alan Greenspan and Hank Paulson are in our time.

Lords of Finance brings a fresh perspective on the origins of financial crises and an arresting reminder that its individuals who lie at the heart of global catastrophe.

What will you learn from this book

  1. Impact of Central Bankers: The book examines the lives and actions of central bankers - Montagu Norman of the Bank of England, Benjamin Strong of the Federal Reserve Bank of New York, Hjalmar Schacht of the Reichsbank, and Émile Moreau of the Banque de France - and how their decisions influenced global finance during and after World War I.

  2. Post-World War I Economics: Ahamed delves into the economic and financial climate following World War I, exploring the policies, decisions, and struggles of the central bankers to stabilize their respective economies in the aftermath of the war.

  3. Gold Standard and Currency Issues: The book discusses the impact of the gold standard and the interconnectedness of various currencies during this period, highlighting how changes in one country's monetary policy affected others.

  4. Great Depression: Ahamed explores how the actions and policies of these central bankers contributed to or failed to prevent the Great Depression of the 1930s, shedding light on their roles in exacerbating or mitigating the economic downturn.

  5. Interconnected Global Economy: The interconnectedness of economies and financial systems across nations is a central theme. Ahamed illustrates how decisions made in one country could have far-reaching consequences globally.

  6. Human Element in Economics: The book humanizes the central bankers, providing insights into their personalities, backgrounds, relationships, and personal beliefs, showing how these factors influenced their decisions.

  7. Lessons in Economic Policy: Through historical context, Ahamed offers lessons in economic policy, cautioning against certain approaches and highlighting the importance of cooperation and careful economic management.

  8. Political and Economic Dynamics: The book delves into the complex interactions between political and economic forces, showing how political pressures often influenced monetary policy decisions.

  9. Historical Relevance: Ahamed's narrative not only provides historical context but also draws parallels to contemporary economic challenges, making the book relevant for understanding present-day economic issues.

  10. Impact on Global Stability: Ultimately, "Lords of Finance" showcases how the decisions made by these central bankers had significant implications for global stability, economics, and politics during a critical period in history.

Language English
ISBN-10 9780434015412
No of pages 505
Font Size Medium
Book Publisher William Heinemann
Published Date 16 Jun 2009

About Author

Author : Liaquat Ahamed

1 Books

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