The Great Crashes: Lessons from Global Meltdowns and How to Prevent Them
Foreign language editions: Arabic, Korean, Vietnamese
Available at booksellers, including: Amazon UK, Blackwells, Waterstones (Waterstones Gower Street has signed copies)
The Best New Books in May 2023 - Independent
"entertaining, well-written and remarkably short" - Sunday Telegraph
The global economy has weathered the most tumultuous century in modern financial history.
Since the Wall Street Crash in 1929, financial meltdowns have repeatedly sent shockwaves through our world. From the currency crises of the 1980s and 1990s, to Japan's housing crash, the dot com boom and bust, the global financial meltdown, the euro crisis and the COVID pandemic, The Great Crashes tells the stories of ten of these historic events. They serve as a series of cautionary tales, each with their own set of lessons to be learnt.
With clear-eyed analysis, renowned economist Dr Linda Yueh extracts a three step framework to help recognise the early signs of a crash and mitigate the effects - all with the hope of preventing the worst mistakes of the past from being repeated in the next inevitable financial crisis. She warns about where the next one might come from and shows how her framework could contain it.
Combining her in-depth knowledge with compelling storytelling, The Great Crashes is essential reading that offers urgent lessons for the modern world.
Praise for The Great Crashes
“Linda Yueh's analysis of what past financial crises have in common is an important contribution that can help society anticipate and tackle potential crashes in the future.” - Christine Lagarde, President of the European Central Bank and former Managing Director of the International Monetary Fund, 2011-2019
“A masterclass in spotting the early signs of a crisis. Linda Yueh expertly shows how we can understand these crashes better when they occur and even prevent them from happening in the future. A accessible yet rich study of our most turbulent economic years.” - Nouriel Roubini, author of Megathreats
“A first point of entry for anybody who wants to learn how the world economy sleep-walked into multiple crashes over the last century.” - Daron Acemoglu, Institute Professor at MIT, and author of Why Nations Fail
“A timely and instructive book on the big financial and economic crashes. It comes in the midst of a global polycrisis that threatens the economic and social wellbeing of all especially the World's poorest citizens. Linda Yueh makes a heroic effort to tease out lessons fundamental to managing future crises. The question is: Will we learn?” - Dr Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO) and former Finance Minister of Nigeria, 2003-2006 and 2011-2015
"Timely, entertaining and full of useful insights.” Gideon Rachman, Chief Foreign Affairs Commentator, Financial Times
“Troubled times call for a historical perspective and this is the historical perspective we need.” – Sir John Kay, author of Radical Uncertainty and former Member of the Independent Commission on Banking of the UK Government, 2010-2011
“Fascinating, well-written and authoritative.” - Tim Harford
“An accessible and insightful overview of modern financial crises, incorporating both historical detail and thoughtful analysis” - Kenneth Rogoff, Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University and former Chief Economist of the International Monetary Fund
Crashes are an integral part of the history of capitalism. The last century has seen plenty of them. All crashes begin with debt-fuelled euphoria and end in disappointment. Yet how bad that disappointment turns out to be also depends on where in the economy the crash falls and how determined and credible are the responses. In this lively and blessedly brief book, Linda Yueh does a lovely job of explaining the history and drawing the necessary lessons. - Martin Wolf, Chief Economics Commentator, Financial Times
“Linda provides many with a very readable summary of all the great crises, but also more importantly derives the big lessons and how to have a better policy framework to avoid getting caught up in too much ‘this time it is different’ when the next big risks appear.” – Lord Jim O'Neill, Author of The Growth Map and former Chairman of Goldman Sachs Asset Management
“Demonstrates how that old saying – ‘this time is different’ - is both so true and so wrong!” - Lord Stephen Green, former CEO and Chairman of HSBC and UK Minister of State for Trade and Investment, 2011-2013
‘This excellent overview identifies the ingredients that are specific to each crisis and common to all. She provides a lucid assessment of the efficacy of policy responses, highlighting credibility as a necessary condition for successful resolution’ - Lord Nick Macpherson, former Permanent Secretary of the UK Treasury, 2005-2016, and Chairman of C. Hoare & Co.
“This well-written book draws out the many different ways in which markets can crash and she's willing to chance her arm predicting the next one.” – Sir Vince Cable, author of How to be a Politician and former UK Secretary of State for Business, Energy and Industrial Strategy, 2010-2015
“Why did nobody notice?” Was the question the Queen asked about the 2008 financial crisis. It was a good question. All financial crises and crashes have their own characteristics but they also often involve certain common features:- Irrational exuberance, Speculative frenzy, Greed and over confidence usually supported by high levels of gearing.
Linda Yueh’s new book will be a timely reminder to governments and regulators of the warning signs of future crises. – Lord Norman Lamont, former Chancellor of the Exchequer, 1990-1993
How To Academy, 25 May
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Interviews where I discuss my books are under Media.
The Times's Best Business Books of the Year & Newsweek's Best Fiction and Non-fiction of the Year (so far)
The Great Economists: How Their Ideas Can Help Us Today (UK & ROW)
What Would the Great Economists Do? How Twelve Brilliant Minds Would Solve Today's Biggest Problems (US)
Foreign language editions: Brazil, China, Indonesia, Japan, Portugal, South Korea and Turkey
Since the days of Adam Smith, economists have grappled with a series of familiar problems - but often their ideas are hard to digest, even before we try to apply them to today's issues. In The Great Economists, I explain the key thoughts of history's greatest economists, how our lives have been influenced by their ideas and how they could help us with the policy challenges that we face today.
In the light of current economic problems, and in particular economic growth, I explore the thoughts of economists from Adam Smith and David Ricardo to contemporary academics Douglass North and Robert Solow. Along the way, I ask, for example, what do the ideas of Karl Marx tell us about the likely future for the Chinese economy? How do the ideas of John Maynard Keynes, who argued for government spending to create full employment, help us think about state intervention? And with globalization in trouble, what can we learn about handling Brexit and Trumpism?
Read more at Penguin Random House: https://www.penguin.co.uk/books/287978/the-great-economists/
For the U.S. edition, read more at Macmillan: https://us.macmillan.com/books/9781250180544/what-would-the-great-economists-do
Excerpt: Audiobook (3:41)
Introduction - Great Economists on our Economic Challenges
Adam Smith - Should the government rebalance the economy?
John Maynard Keynes - To invest or not invest?
Robert Solow - Do we face a slow growth future?
Scottish Economics Society, Dundee, February 8th
Cumberland Lodge webinar, Windsor, March 5th (video, 44:42)
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London Business School, London, April 11th
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Battle of Ideas, London, October 14th
London Innovation Society, London, October 16th
UCL, London, October 27th
Bristol Festival of Economics, Bristol, November 8th
Kilkenomics, Kilkenny, Ireland, November 10th
China's Growth: The Making of an Economic Superpower
China's economic growth has transformed the country from one of the poorest in the world to its second largest economy. Understanding the drivers of growth remains elusive as the country is affected by both its transition from central planning and the challenges of a developing country. This book examines the main determinants of growth, offering micro level evidence to shed light on the macro drivers of the economy. It also explores how China could evolve in the coming decades. Purchase information can be found at Oxford University Press or Amazon. A Chinese version is available from CITIC Press in Beijing,
This is the third of a trilogy of books on the Chinese economy. The other two are found below. China's Growth focuses on what has and will drive economic growth in the reform period and going forward.
Enterprising China: Business, Economic, and Legal Developments Since 1979
Enterprising China examines the development of the market and specifically how businesses have developed and fared within the economic and legal environment. The Economy of China is an overview of economic development and the policies that have helped to transform the world's most populous nation. Business, economic and legal developments are closely linked in China. This book anayses those linkages during the reform period and looks ahead to the development of business in the future. Each chapter reviews a key aspect of the business environment: state-owned enterprises, township and village enterprises, private Chinese firms and foreign firms operating in China. It includes 12 original case studies of businesses operating in China, including Haier, Nokia, national oil companies, and many other domestic and foreign firms.
Purchase information can be found at Oxford University Press or at Amazon.
The Economy of China
The emergence of China since 1979 has been a hallmark in the global economy, not only in the past but also in this century. This comprehensive book provides an analytical but accessible view of the remarkable economic development of what is probably the most exciting economy in the world. It is an award-winning book: A Choice Outstanding Academic Book for 2011.
Details and purchase information can be found here on the publisher's website or from Amazon.
An intermediate macroeconomics textbook with an international focus, including on the UK, U.S., EU, is co-authored with Graeme Chamberlin. It is a recommended textbook of the UK Government Economic Service (GES).
Critical Concepts in Economics book series
China and Globalisation: 4 volume series of the leading research on the topic of China's economy and globalisation, published by Routledge. How China continues its integration with the global economy is one of today’s crucial questions, both for China’s own growth prospects and for the rest of the world contending with the still numerous developmental challenges of the world’s second-largest economy. In the first thirty years after it emerged from central planning, gradual opening to the world economy formed an integral part of China’s market-orientated reforms. Understanding the effect of trade and investment integration on China’s growth is essential for assessing the sustained development of China.
China's Macroeconomic Policy: 4 volume series of leading research articles on the topic of China's macroeconomic policy developments, published by Routledge. How China's economic policies have changed and are changing still in the world's second largest economy will affect the global economy. From exchange rates to fiscal policy, Chinese reforms have developed gradually to transform the country from one dominated by the state's central planning apparatus to one with more nuanced policies designed to manage an increasingly market-based economy. Most of the key reforms occurred in the past couple of decades, with key policy regime changes in the past few years. For instance, the RMB regime was set up in 1994, then moved to a trade-weighted basket of currencies in 2005 and then came the latest policy geared at internationalisation of the RMB. All of which have significant effects on the global reserve currency regime. The main topics to be covered will include exchange rates, trade, investment, fiscal policy, monetary policy, financial regulation, and GDP.
The Law and Economics of Globalization
This edited volume comprises a set of papers examining the cutting-edge legal, economic and cross-disciplinary issues surrounding globalisation and the challenges of the 21st century. Contributors include: Robert Bird (University of Connecticut), Federico Bonaglia (OECD), Jorge Braga de Macedo (New University of Lisbon), Maurizio Bussolo (World Bank), Graeme Chamberlin (UK Office for National Statistics), Thomas Cottier (University of Berne), Kamala Dawar (University of Amsterdam School of Law), Axel Dreher (Swiss Federal Institute of Technology), Peter Holmes (University of Sussex), Michael Intriligator (University of California at Los Angeles),Raphael Kaplinsky (Open University), Ernst-Ulrich Petersmann (European University Institute of Law) and Razeen Sally (London School of Economics and Political Science), among others.
‘The diversity of author backgrounds, coupled with an assortment of provocative insights, makes this book a useful tool for delving into the meat of globalization, providing a succinct but authoritative overview of the underpinnings necessary to appreciate the who, what, where, and when of globalization.’ – American Society of International Law
Purchase information can be found here on the publisher's website or Amazon.
The Future of Asian Trade and Growth
The future of Asia is a notable question explored in this book through contributions from economists from Asia, Europe, America, the World Bank and the U.S. Federal Reserve. This edited volume explores the future development of the Asian region including the export-led model of growth. The rise of China and its geopolitical implications starts the book and is followed by detailed analyses of the evolving patterns of regional and global trade patterns. Case studies of China's impact on rich, middle income, poor as well as other emerging economies (India, Russia) are assessed.
Purchase information for the hard or paperback versions can be found here on the publisher's website or Amazon. It is also available in Kindle.
Globalisation and Growth in China
Globalisation and the opening up of China have had a significant effect on economic growth. China's integration into the global economy has also fundamentally changed the structure of the rest ofthe world. This edited volume with Yang Yao of Peking University includes a number of leading scholars who analyse the impact of China rapid ascent to become the world's biggest trader.
Purchase information can be found here on the publisher's website or from Amazon
I am the Series Editor of this book series, whose aim is to publish a series of books that applies rigorous economic analysis to the field of economic growth and development. The scope will include regional and country-specific studies, as well as cross-country comparisons, to examine the evidence surrounding the pressing and interesting questions on the growth prospects of developed and developing countries. To submit a book proposal, please email to me a completed Research Monograph proposal form.
Downloadable high res photo (credit: Kean Wong).
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