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The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means
by: George Soros

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Used Price: £6.18
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Availability: Usually dispatched within 2 to 4 weeks Binding: Hardcover
Dewey Decimal Number: 332.0973
EAN: 9781586486839
ISBN: 1586486837
Label: PublicAffairs,U.S.
Manufacturer: PublicAffairs,U.S.
Number Of Items: 1
Number Of Pages: 208
Publication Date: May 15, 2008
Publisher: PublicAffairs,U.S.
Studio: PublicAffairs,U.S.
Sales Rank: 1331

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Editorial Review:

Review:
This was a book that George Soros badly wanted to write. It is probably not what many of its readers expect to read. But it shows that in his deeper thinking about the way markets operate, Soros was several decades ahead of his time... His insights are clear and concisely expressed. They are worth reading for anyone interested in the topic. --Financial Times

Product Description:
In the midst of the most serious financial upheaval since the Great Depression, legendary financier George Soros explores the origins of the crisis and its implications for the future. George Soros, whose breadth of experience in financial markets is unrivalled, places the current crisis in the context of decades of study of how individuals and institutions handle the boom and bust cycles that now dominate global economic activity. 'This is a once in a lifetime moment', writes Soros in characterizing the scale of financial distress spreading across Wall Street and other financial centres around the world. In a concise essay that combines practical insight with philosophical depth, Soros makes an invaluable contribution to our understanding of the great credit crisis and its implications for the world.

Synopsis:
In the midst of the most serious financial upheaval since the Great Depression, legendary financier George Soros explores the origins of the crisis and its implications for the future. In a concise essay that combines practical insight with philosophicaldepth, Soros makes an invaluable contribution to our understanding of the great credit crisis an

About the Author:
George Soros is chairman of Soros Fund Management and founder of a global network of foundations dedicated to supporting open societies. He is the author of several bestselling books including 'The Bubble of American Supremacy', 'Underwriting Democracy', and 'The Alchemy of Finance'. He was born in Budapest and lives in New York City

Customer Reviews

Average Rating: out of 5 stars

Rating:

- I'll say that again
As this was by George Soros, whom I respect greatly, I felt I had to read it but ended up very disappointed. In short, Soros feels his theory on reflexivity has been ignored and therefore needs to be repeated. This he does and further fills the book with the reasons why he needs to repeat it, particularly because he thinks the credit crunch vidicates his argument.

Very repetitive to the extent that some comments are even repeated on the same page. This is a book which says very little and, to be frank, is not really worth reading.

Rating:

- Practical insights and new rules from George Soros
Legendary financier George Soros is worried. The financial markets face the worst credit crisis since the Depression and their existing paradigm needs to be replaced. The new paradigm Soros recommends is based on what he calls the "theory of reflexivity." This book-length essay provides a crash course in the billionaire investor's philosophy and view of financial markets, the origins and consequences of the current credit crunch, the boom-bust model and the behavior of market participants. Soros intersperses his market analysis with enough personal details from his early life and career to keep the book lively. He is also quite vocal in his political beliefs; Democrats will probably appreciate the case he makes against President George W. Bush's ... Read More:

Rating:

- Inane Ramblings
For some reason old men, once they have made a lot of money, turn to philanthropy and academia in an attempt to justify the wealth they have amassed and the time they wasted doing it. Soros appears to be no different.

This book is really just Soros' rant regarding his `new' theory of `reflexivity - if you are hoping for a book filled with insight into the markets or the current crisis, then avert your gaze.

So what is the theory, well, in 3 points the theory (and the whole book) boil down to;
i) equilibrium economics doesn't work (i.e. markets aren't drawn to equilibrium)
ii) people have biased views, which in turn cause biases in market prices
iii) because people participate in markets, their biased views ... Read More:

Rating:

- worth reading
An interesting work. Our friend from Cyprus (below) has already done a high-quality job summarising some of the major points.
This was the first of Soros' books which I've read - I found the book to be an enjoyable read despite the technical nature of the content.
His conclusions are well argued and fascinating, especially the dynamics of how a bubble forms and grows, and the "super-bubble" driven by the increasing availablity of credit.
Definitely worth reading.

Rating:

- Meager Pickings
OK so the guy is a genius at anticipating markets and making money but this isn't his book of magic spells. Not sure who he is pitching at. Neither an accessible read for an interested lay person nor a rigorous text for a more academic audience (see elsewhere on poor graphs, lack of footnotes or appendices explaining to some extent the plethora of financial instruments he trots out). If I understand it properly his main theme is that markets do not tend towards equilibrium as conventional theory predicts, rather, he coins "reflexivity" to describe 1) periodic swings of abnormal behavior (is that not a dynamic equilibrium of sorts?), 2) bodies with the necessary resources can influence markets to their advantage and 3) herd mentality tends to drive the ... Read More:

Books : The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means