The symptoms are hard to ignore. First the Thai crisis precipitated the currency collapse in Asia. Next the Russian meltdown inflicted temporary chaos on the Western financial system. And the recent volatility of the world's stock markets has caused most investors a lot more than heartburn. The connection? According to billionaire philanthropist George Soros, there's a profound and dangerous imbalance between the explosive growth of the global economy and the development of a free and open society. In The Crisis of Global Capitalism, Soros argues that in the last 20 years, the emergence of "market fundamentalism"--that is, the idea that markets need only be regulated by the forces of profit and competition--has distorted the role of capital to the extent that it "is today a greater threat to open society than any totalitarian ideology." Not that Soros advocates the demise of the capitalist system. On the contrary, Soros himself has made billions on Wall Street, and it's his aim to save capitalism from itself. While his theory of reflexivity reads a bit thick, his analysis of our present financial system is lucid and convincing. If wondering about the stability of today's markets keeps you up at night, then put this book at your bedside. Highly recommended. --Harry C. Edwards, Amazon.com
Customer Reviews:
Avg. Customer Rating: 2.5 / 5.0
Surprisingly dull, pretentious and lacking in substantial insight I was going to title this review, "Stop me before I do it again!" as if financier George Soros was some self-aware psychopath. Then a friend passed me economist Paul Krugman's review of Soros's book, in which Krugman uses the phrase, "Stop me before I speculate again!" Anyway... George Soros is one of the most financially successful international speculators in history. A book he has written with the title, The Crisis of Global Capitalism, you might think, would contain some pertinent information,... more info
Not enough pictures... In the Alchemy of Finance Mr. Soros expounded upon his theory of reflexivity - an oft misunderstood, albeit ill explained, belief in the circularity of markets. In the Crisis of Global Capitalism Mssr. Soros attempts to demonstrate how this reflexivity will be the downfall of civilization. While a valiant attempt the would be philosopher king fails to make his argument clear. A few pictures or images - please see Mr. Plato's divided line - might have helped.
A clarion call for regulation of the world economy It comes as a surprise that a person that has earned billions because of lack of regulation of the world economy has concluded that unless international regulations are established capitalism will collapse. Some of the reasons given are: an increase in the impact of self-interest, a further weakening of other values, globalisation leading to intensified competition with less room for social and environmental considerations, Internet transaction that will even further weaken the moral constraints that... more info
