Crashed: How a Decade of Financial Crises Changed the World: Tooze, Adam: 9780670024933: Amazon.com: Books

WINNER OF THE LIONEL GELBER PRIZE
A NEW YORK TIMES NOTABLE BOOK OF 2018
ONE OF THE ECONOMIST'S BOOKS OF THE YEAR
A NEW YORK TIMES CRITICS' TOP BOOK

"An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems."--The New York Times Book Review

From a prizewinning economic historian, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today.

We live in a world where dramatic shifts in the domestic and global economy command the headlines, from rollbacks in US banking regulations to tariffs that may ignite international trade wars. But current events have deep roots, and the key to navigating today’s roiling policies lies in the events that started it all—the 2008 economic crisis and its aftermath. Despite initial attempts to downplay the crisis as a local incident, what happened on Wall Street beginning in 2008 was, in fact, a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. With a historian’s eye for detail, connection, and consequence, Adam Tooze brings the story right up to today’s negotiations, actions, and threats—a much-needed perspective on a global catastrophe and its long-term consequences.

Print length

720 pages
Language

English
Publisher

Viking
Publication date

August 7, 2018
Dimensions

6.3 x 2.1 x 9.5 inches
ISBN-10

0670024937
ISBN-13

978-0670024933
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874 global ratings

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Customers say

Customers find the information in the book comprehensive and informed, providing shrewd insights and excellent analysis. They describe the story as spectacular, deep, and thorough. However, some readers feel the author's bias to the left is hopeless on domestic politics and completely tone deaf on national politics. Opinions are mixed on readability, with some finding it well-written and easy for a layman to understand, while others say it's unnecessarily difficult to read.

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Information quality Story quality Readability Bias

27 customers mention "Information quality"27 positive0 negative

Customers find the book comprehensive, informative, and insightful. They appreciate the excellent analysis and details. Readers also mention the narrative is vivid when data is involved.

"This a very, very informative book about the financial crash of 2008 and its lengthy recovery...." Read more

"...He has marshaled what surely must be the most comprehensive and informed account of the 2008 crash and its aftermath...." Read more

"...The author's detailed understanding of such a wide arrange of topics is dazzling, especially his handle on inscrutable national bank mechanics...." Read more

"A long and detailed account of not just the 2008 crisis but the politics and economics before and after. A bit heavy in places." Read more

6 customers mention "Story quality"6 positive0 negative

Customers find the story spectacular, deep, and thorough. They say it's a great piece of history writing. Readers also mention the book is the definitive story of the Crash.

"...He tells an incredibly detailed story of the rise of power among international banks, and how these banks created securities around mortgages that..." Read more

"Although long, this book is simply a spectacular story that everyone should read...." Read more

"...This is the definitive story of the Crash and why it happened and what it created." Read more

"A complicated book, but a great piece of history writing" Read more

15 customers mention "Readability"10 positive5 negative

Customers have mixed opinions about the readability of the book. Some find it well-written, easy for a layman to understand, and insightful. However, others say the prose is poorly written, filled with acronyms and jargon, and ambiguous sentences.

"...And he clearly understands the process, providing shrewd insights and informed commentary...." Read more

"...Two additional comments: First, Tooze is an excellent writer, and parts of the book move along at a Jack Reacher pace...." Read more

"...The negative reviews often seem poorly informed. It's a difficult book to get thru...." Read more

"Crashed is informative and well written but is plagued by a closed mindedness that leads professor Tooze to include leftist favored narratives that..." Read more

4 customers mention "Bias"0 positive4 negative

Customers find the book extremely politically biased. They say the author is hopeless on domestic politics and completely tone-deaf on national politics.

"...However, he is hopeless on domestic politics...." Read more

"...this book is unnecessarily difficult to read and its bias is misleading. It needs to be rewritten by a less self indulgent and less biased author." Read more

"Very biased, left leaning view of the financial crisis." Read more

"Never got past the first chapter. The author's bias to the left, contempt for the American electorate and distaste for conservatism was more than I..." Read more

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Sotol Observer

Deep Into the Financial Nuts and Bolts

Reviewed in the United States on July 29, 2023

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This a very, very informative book about the financial crash of 2008 and its lengthy recovery. The British author is a fine writer and definitely appears to master the subject. His background is as an economic historian and his approach to the financial collapse is thru the lens of political economy.

For a European, he is very charitable towards the failures of the US markets and the responses of the US govt in the crisis. In fact, he is much more critical of the Germans and the British and the EU govts in their involvement in the crisis and their failure to more effectively guide the Eurozone out of the financial crisis.

The book is somewhat dense and daunting and is 616 pages of text. Definitly not for the faint of heart or those who are not somewhat financially and economically literate. It does not lend itself to speed reading. A glossary and list of abbreviations would have been very helpful--as other commenters have suggested. Abbreviated acronyms of organizations, treaties, agreements,govt agencies, etc. come flying fast and furious. Still, with due and diligent effort on the part of the reader, you can see how very well the author knits his technocratic financial narrative together.

The negative reviews often seem poorly informed. It's a difficult book to get thru. Some readers appear to dislike the author because he is a Keynesian liberal. I understand that, but they should note that he tends to be very positive about US govt financial leadership leading the world out of the crisis. Some don't like the fact that he thinks Trump is a grifter. Unfortunately, Trump is, irrefutably, a grifter and a con man.

The only areas where I found myself disagreeing with the author were on the issues of immigration and protectionism. The Eurozone and the US cannot support unrestricted immigration. There are too many millions in the world of 8 billion people who would kick down the gateways of either entitity to gain entry. Unrestricted immigration is an existential threat to all the Western countries involved. Sober assessment of reality is something other than "racist". "Realistic" is a far more accurate term.

The author is a classic liberal and against national "protectionism". However, this is 2023. The book was written in 2017. Much water has passed under the bridge since then. Countries are political entities with borders. Too often--as the writer points out--economic and financial advisors forget the "political" part of "political economy". Trump's legions are there to remind them. At least they are good for something. Protecting your economy from essential foreign supply chain failures and from hostile foreign competitors is just good governance. And insuring that others share in general prosperity besides coastal elites is another part of good governance. "Flyover Country" is every bit as important as the two coasts. Probably more so. Never forget the "political" part of "political economy".

5 people found this helpful

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BookHawk

Dazzling, Exhaustive, Exhausting.

Reviewed in the United States on August 27, 2018

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Mr. Tooze has delivered a tour de force. He has marshaled what surely must be the most comprehensive and informed account of the 2008 crash and its aftermath. Tooze examines in detail and at length, the financial, economic and political forces at work in this gigantic mosaic of global crisis. And he clearly understands the process, providing shrewd insights and informed commentary. It's a heavy lift--a bit like trying to drink out a a fire hydrant; the sheer volume of information is daunting. But the prose is clear and accessible.

Tooze clearly identifies with the the leaders and institutions that mobilized themselves in new and highly unorthodox programs to contain the crisis. That's not popular among critics on both the far left and the hard right. But he illustrates the vapidity of their carping--which largely constitutes a substitute eitherfor understanding the issues or crafting workable solutions.

I would argue that he overlooks the opportunity Obama had in January 200i9 to bend both parties to his will in crafting a real Economic Stimulus plan that the nation could have embraced. Instead he passed the initiative to the House leadership who simply dredged up failed old chestnuts which they newly christened as stimulus programs. Obama bought in and launched its initiative as a partisan weapon--which has only served to widen the current divide. An activist approach that would have drawn from both Republican and Democratic resources--and which was actually directed as a stimulus--might have created a moderate center from which to conduct his business. We'll never know. Obama didn't ever buy into working with others--even n his own party. It was generally his way of the highway. But it's tempting to look back and consider the possibilities.

His concluding message, asks what resources will the current administration--which eschews both institutions and expertise--be able to mobilize in the all too likely event some new global crisis hits.

For now, read and enjoy the (long) but very well informed ride.

11 people found this helpful

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Stefanie UWS

It's good financial history

Reviewed in the United States on December 28, 2018

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especially how the EURO members' values slow down negotiations. I hardly came upon the fluidness in their story line post 2008 in this book, like I do the USAs through media. The FED is king in the USA in both knowledge and strategy (Powell Doctrine). A nice read but it could be shorter; my opinion of course!

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Amazon Customer

political economics at its best

Reviewed in Canada on October 22, 2022

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I loved the detail provided to events I knew only as glosses. Then Tooze ties it together in a unified theory. Crashed lived up to its excellent reviews.

Frieman

Buen Libro

Reviewed in Mexico on February 5, 2020

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Muy buen libro.
Lo recomiendo.

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Wesley Damiani

Caprichado.

Reviewed in Brazil on October 27, 2018

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A edição está muito bonita e bem feita. É um livro muito leve.

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faschue

Tiefes Verständnis, sehr viele Details

Reviewed in Germany on July 21, 2020

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Anspruchsvolles Buch, gehobene Sprache mit vielen Fachtermini. Beginnend in den 1970ern beschreibt der Historiker Adam Tooze die Entwicklung der Finanzinstrumente "Financial Engineering", deren Unübersichtlichkeit 2008 der Welt zum Verhängnis wurde. Ein dutzend Finanzmathematiker, Hochleistungsknotenpunkte, Finanzmetropolen wie London, New York, Frankfurt, hat es nicht nur plötzlich erwischt, sondern die Auswirkungen traten viel später 2012 in Erscheinung. Auf die Weltfinanzkrise folgte die Eurokrise, der Sturz des Rubels in Russland, Instabilitäten in China. Die Krise ist sozusagen Teil des aktuellen Finanzsystems und damit mitten im Endstadium der Globalisierung angekommen. Ständige Nachbesserungen, Regulierungsversuche einzelner Staaten, fehlender Staatenverbund in Europa sind Folge oder Ursache? Der Essay ist von vorn bis hinten spannend. Er bietet ein anders Bild als die europäischen Medien damals zeichneten. Die Europäer haben eben ganz vorne mitgezockt, gigantisch aufgeblähten Banken noch die Bedingungen geboten um mitzumischen. Trotz der unfassbaren Detaildichte schafft es Tooze einen historischen Zusammenhang bis Ende 2017 zu schaffen und die Abläufe der Krisen zu schildern. Je nach Wille des Lesers ist somit ein Erlangen von tiefem Verständnis möglich wenn nicht gar obligatorisch will man das Buch nicht unverstanden nach kurzer Einsicht wieder weglegen.

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Valerio Pastore

Credevate di averci capito abbastanza?

Reviewed in Italy on August 29, 2019

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La lunga, lunghissima stagione delle crisi finanziare iniziata agli inizi del 21° secolo, portata avanti fino all’avvio della Brexit, alle soglie delle nuove, sinistre trasformazioni che hanno avvolto il panorama mondiale… Questo è un libro alquanto tecnico, non ci si illuda, e sarebbe persino raccomandata la sua edizione cartacea per fare taaaante annotazioni. Ma alla fine si capisce, si riesce a seguire l’autore mentre spiega in modo impeccabile e clinico come abbiamo fatto a fare più volte cadere la Spada di Damocle sulle nostre teste.
Questo non è un volume sulle lezioni imparate, è piuttosto sulla ciclicità dei nostri errori. E ancora molti pare dobbiamo commetterne…
Un testo come questo mi ha fatto desiderare più che mai la realizzazione del Vero Sogno Europeo, di un continente unito dall’estremo nord al sud senza nazioni, con una sola capitale, un solo bilancio, una sola costituzione. Un’Europa Statale che si sarebbe protetta dalla tossicità del mercato iperliberista e incapace di regolarsi!

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Crashed: How a Decade of Financial Crises Changed the World Hardcover – August 7, 2018

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