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How Markets Fail: The Logic of Economic Calamities

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Language
  
English

Publication date
  
2009

Originally published
  
2009

Genre
  
Non-fiction


Country
  
United States

Subject
  
Economic theory

Pages
  
400 pp.

Author
  
John Cassidy

Publisher
  
Farrar, Straus and Giroux

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Media type
  
Print (hardback & paperback)

Nominations
  
Pulitzer Prize for General Nonfiction

Similar
  
Non-fiction books, Economics books

How Markets Fail: The Logic of Economic Calamities (2009) is a book by economist and journalist John Cassidy. The book was published in the US by Farrar, Straus and Giroux.

Contents

How markets fail the logic of economic calamities


Overview

The book examines the history of economic theory and attempts to diagnose the recent rise and fall of markets, particularly the housing bubble and credit crisis (2007–2009).

How Markets Fail argues against unfettered free-market ideology and supports government regulation in the financial industry.

Reception

Kirkus, giving it a starred review, remarked, "Cassidy delivers on the promise of his title, but he also offers a clear-eyed look at economic thinking over the last three centuries, from Adam Smith to Ben Bernanke, and shows how the major theories have played out in practice, often not well."

The Economist praised the book, noting that its critique of "free market idolatry" was, in the wake of the 2008 financial crisis, "firmly in the mainstream".

The Financial Times review by Gillian Tett likewise praised the book as "compelling and persuasive", praising the book's criticism of government's excessive trust in free market principles, and its account of how the "modern economics profession" had "lost its way".

References

How Markets Fail: The Logic of Economic Calamities Wikipedia