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March 27, 2011




Page: 15/36

Home > 2011 Issues > March 27, 2011

An expert on financial crisis
By Ashish Joshi

Global Crisis, Recession and Uneven Recovery, YV Reddy, Orient Blackswan, Pp 421 (HB), Rs 595.00

A number of books have recently been written on the global economic crisis of September 2008 which originated originally in advanced economies, but the current book is somewhat different as it articulates the view of the emerging markets which have had to bear its brunt and to devote themselves to development since the eruption of the crisis into serious proportions after the fall of Lehman Brothers. It also focuses on the global dimensions of the crisis and perspectives of developing countries, especially in Asia. The book lists the failure of the public sector policies and the behaviour of the private sectors being factors responsible for the crisis; failure of International Monetary Fund at the global level and Financial Stability Forum (FSF) in Asia, which are responsible for surveillance of economic and financial policies of countries, to predict the crisis; and the governments of some advanced economies for contributing to the crisis by pursuing relentless deregulation in the financial sector and competing for financial-sector activities in a globalised financial market as a means for higher growth.

Referring to the resurgence and the uneven recovery, the author heaves a sigh of relief that deep depression has been however been avoided through determined and timely action at the national levels as a result of which most countries are in a state of recovery. This recovery is however, uneven because some countries are firmly on the path of sustainable recovery while others face a recovery that is fragile and weak.

The author expresses his happiness at India emerging stronger and more resilient after the crisis.

This is a very reader-specific book.

(Orient Blackswan Pvt Ltd, 1/24 Asaf Ali Road, New Delhi - 110 002; [email protected])




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