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  • Experts

Economics » Financial Crisis

Most Recommended Books

A Monetary History of the United States, 1867-1960 by Anna Schwartz & Milton Friedman

“It is an important book because it is the first attempt to link together inflation and output. In some sense it is the basis for many of the books that have been written since about inflation, monetary policy and the real side of the economy.”

Federica Romei, Economist

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Essays on the Great Depression by Ben Bernanke

“Probably his most important contribution in terms of macroeconomics and financial economics…It’s focusing on the Great Depression as a credit implosion, not so much the money supply, which Friedman and Schwartz had emphasized, but a somewhat related phenomenon, which is credit availability. That had been imploding from 1929 through to the trough, early in 1933. So it’s really focusing on the credit aspects and trying to measure that, particularly by looking at patterns in interest rates.”

Robert Barro, Economist

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The Big Short: Inside the Doomsday Machine by Michael Lewis

“What Michael Lewis points out very forcefully is that they were deliberately created by Wall Street banks in order to produce non-transparent securities that could not be adequately evaluated by the rating agencies, which then could be sold to less sophisticated investors, who would buy the idea that this junk debt actually had triple A ratings. So what this book does quite brilliantly is show that there was actually a high degree of intentionality in creating the crisis. “

Francis Fukuyama, Political Scientist

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This Time Is Different by Carmen Reinhart & Kenneth Rogoff

“They…took an enormous amount of time to put together datasets that allow us to look back eight centuries and ask, quantitatively, whether there are any common denominators to financial crises. And the not-surprising answer is, ‘Yes, absolutely.’”

Andrew W Lo, Economist

Read more

Browse book recommendations:

Economics

  • Behavioural Economics
  • Development Economics
  • Economic History
  • Economics Textbooks
  • Fiction Recommended by Economists
  • Finance
  • Financial Crisis
  • Globalization Books
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  • World Economies

The financial crisis that roiled the world in 2008 inspired a number of new books and writing on financial crises, crashes and depressions.

Our interviews with experts include Eric Maskin, one of the winners of the 2007 Nobel economics prize, examining how well equipped economic theory is to predict a financial crisis. Gary Gorton, a finance professor at Yale, also provided his reading list on financial crises.

In terms of a historical perspective, both Robert Barro of Harvard and Christina Romer of Berkeley, who also served as Barack Obama's top economic adviser, chose their top books on the lessons from the Great Depression. Robert Skidelsky recommended his best books on an economist who has made quite a comeback since 2008, John Maynard Keynes.

Political scientist Francis Fukuyama talked to us about the political aspects of the 2008 financial crisis and Wall Street fund manager and Bloomberg columnist Barry Ritholtz looked at its causes. Barry Eichengreen, an economist at Berkeley, recommended books to better understand the Euro.

Our most recommended books on financial crises include Carmen Reinhart and Ken Rogoff's This Time is Different, a perennial favourite for the data it provides. If you're more one for anecdotes about financial mishaps, few do it better than Charles Kindleberger's Manias, Panics and Crashes.

    Francis Fukuyama recommends the best books on the The Financial Crisis

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    Francis Fukuyama recommends the best books on the The Financial Crisis - This Time Is Different by Carmen Reinhart & Kenneth Rogoff

    1

    This Time Is Different
    by Carmen Reinhart & Kenneth Rogoff

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    Francis Fukuyama recommends the best books on the The Financial Crisis - The Big Short: Inside the Doomsday Machine by Michael Lewis

    2

    The Big Short: Inside the Doomsday Machine
    by Michael Lewis

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    Francis Fukuyama recommends the best books on the The Financial Crisis - Fault Lines: How Hidden Fractures Still Threaten The World Economy by Raghuram G Rajan

    3

    Fault Lines: How Hidden Fractures Still Threaten The World Economy
    by Raghuram G Rajan

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    Francis Fukuyama recommends the best books on the The Financial Crisis - 13 Bankers by Simon Johnson & Simon Johnson and James Kwak

    4

    13 Bankers
    by Simon Johnson & Simon Johnson and James Kwak

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    Francis Fukuyama recommends the best books on the The Financial Crisis - The Financial Crisis Inquiry Commission Report by FCIC

    5

    The Financial Crisis Inquiry Commission Report
    by FCIC

Francis Fukuyama recommends the best books on the The Financial Crisis

The author of “The End of History” says the financial crisis revealed a great deal about the nature of America’s political and economic system. The shame, he says, is that opportunities to change it are now being ignored.

    The best books on The Lessons of the Great Depression, recommended by Robert Barro

  • Read
    The best books on The Lessons of the Great Depression - A Monetary History of the United States, 1867-1960 by Anna Schwartz & Milton Friedman

    1

    A Monetary History of the United States, 1867-1960
    by Anna Schwartz & Milton Friedman

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    The best books on The Lessons of the Great Depression - Macroeconomic Effects from Government Purchases and Taxes by Robert Barro

    2

    Macroeconomic Effects from Government Purchases and Taxes
    by Robert Barro

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    The best books on The Lessons of the Great Depression - Identifying Government Spending Shocks by Valerie Ramey

    3

    Identifying Government Spending Shocks
    by Valerie Ramey

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    The best books on The Lessons of the Great Depression - Essays on the Great Depression by Ben Bernanke

    4

    Essays on the Great Depression
    by Ben Bernanke

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    The best books on The Lessons of the Great Depression - The Great Depression in the United States from a Neoclassical Perspective by Harold Cole and Lee Ohanian

    5

    The Great Depression in the United States from a Neoclassical Perspective
    by Harold Cole and Lee Ohanian

The best books on The Lessons of the Great Depression, recommended by Robert Barro

Harvard macroeconomist Robert Barro takes issue with some common assumptions about the Great Depression, and how America got out of it.

    The best books on Financial Crises, recommended by Gary Gorton

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    The best books on Financial Crises - A Brief Popular Account of all the Financial Panics and Commercial Revulsions in the US from 1690 to 1857 by Members of the New York Press

    1

    A Brief Popular Account of all the Financial Panics and Commercial Revulsions in the US from 1690 to 1857
    by Members of the New York Press

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    The best books on Financial Crises - History of Crises under the National Banking System by O M W Sprague

    2

    History of Crises under the National Banking System
    by O M W Sprague

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    The best books on Financial Crises - Hard Times by Studs Terkel

    3

    Hard Times
    by Studs Terkel

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    The best books on Financial Crises - The Crucial Years by Dorothea Lange

    4

    The Crucial Years
    by Dorothea Lange

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    The best books on Financial Crises - A Primer on Securitization by Edited by Leon Kendall and Michael Fishman

    5

    A Primer on Securitization
    by Edited by Leon Kendall and Michael Fishman

The best books on Financial Crises, recommended by Gary Gorton

Yale professor Gary Gorton says today’s financial crisis may feel like a unique event, but in the US and in the UK crises are historically common. And we have a history of similar responses.

    Economic Theory and the Financial Crisis: A Reading List, recommended by Eric Maskin

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    Economic Theory and the Financial Crisis: A Reading List - Bank Runs, Deposit Insurance and Liquidity (Journal of Political Economy, Vol. 91, No. 3, June 1983) by Douglas Diamond and Philip Dybvig

    1

    Bank Runs, Deposit Insurance and Liquidity (Journal of Political Economy, Vol. 91, No. 3, June 1983)
    by Douglas Diamond and Philip Dybvig

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    Economic Theory and the Financial Crisis: A Reading List - Private and Public Supply of Liquidity (Journal of Political Economy, Vol. 106, No. 1, February 1998) by Bengt Holmstrom and Jean Tirole

    2

    Private and Public Supply of Liquidity (Journal of Political Economy, Vol. 106, No. 1, February 1998)
    by Bengt Holmstrom and Jean Tirole

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    Economic Theory and the Financial Crisis: A Reading List - The Prudential Regulation of Banks by Mathias Dewatripont and Jean Tirole

    3

    The Prudential Regulation of Banks
    by Mathias Dewatripont and Jean Tirole

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    Economic Theory and the Financial Crisis: A Reading List - Credit Cycles (Journal of Political Economy, Vol. 105, No. 2, April 1997) by Nobuhiro Kiyotaki and John Moore

    4

    Credit Cycles (Journal of Political Economy, Vol. 105, No. 2, April 1997)
    by Nobuhiro Kiyotaki and John Moore

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    Economic Theory and the Financial Crisis: A Reading List - Leverage Cycles and the Anxious Economy (American Economic Review, Vol. 98, No. 4, September 2008) by Ana Fostel and John Geanakoplos

    5

    Leverage Cycles and the Anxious Economy (American Economic Review, Vol. 98, No. 4, September 2008)
    by Ana Fostel and John Geanakoplos

Economic Theory and the Financial Crisis: A Reading List, recommended by Eric Maskin

The 2007 Nobel Economics Prize winner says that, contrary to popular perception, economic theory did a good job of predicting the financial crisis, it’s just that no one was paying any attention. Eric Maskin talks us through four journal articles and one book on ‘economic theory and the financial crisis.’

    The best books on The Euro, recommended by Barry Eichengreen

  • Read
    The best books on The Euro - Postwar: A History of Europe Since 1945 by Tony Judt

    1

    Postwar: A History of Europe Since 1945
    by Tony Judt

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    The best books on The Euro - The Euro by David Marsh

    2

    The Euro
    by David Marsh

  • Read
    The best books on The Euro - Varieties of Capitalism by Peter Hall and David Soskice

    3

    Varieties of Capitalism
    by Peter Hall and David Soskice

  • Read
    The best books on The Euro - The Euro by Marco Buti

    4

    The Euro
    by Marco Buti

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    The best books on The Euro - Europe and the Euro by Alberto Alesina and Francesco Giavazzi

    5

    Europe and the Euro
    by Alberto Alesina and Francesco Giavazzi

The best books on The Euro, recommended by Barry Eichengreen

With hindsight, was the euro a good idea? Will it come through the present crisis intact or will any country decide to leave? And what happens if they do? Economist Barry Eichengreen recommends the best books on the euro.

    The best books on Causes of the Financial Crisis, recommended by Barry Ritholtz

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    The best books on Causes of the Financial Crisis - Lords of Finance by Liaquat Ahamed

    1

    Lords of Finance
    by Liaquat Ahamed

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    The best books on Causes of the Financial Crisis - The Myth of the Rational Market by Justin Fox

    2

    The Myth of the Rational Market
    by Justin Fox

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    The best books on Causes of the Financial Crisis - The Quants by Scott Patterson

    3

    The Quants
    by Scott Patterson

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    The best books on Causes of the Financial Crisis - The Big Short: Inside the Doomsday Machine by Michael Lewis

    4

    The Big Short: Inside the Doomsday Machine
    by Michael Lewis

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    The best books on Causes of the Financial Crisis - Griftopia by Matt Taibbi

    5

    Griftopia
    by Matt Taibbi

The best books on Causes of the Financial Crisis, recommended by Barry Ritholtz

Wall Street money manager Barry Ritholtz diagnoses the ills of America’s political and economic system in a fizzing, irreverent analysis (with promised f-bombs thrown in). He recommends the best books on the causes of the financial crisis.

    The best books on Learning from the Great Depression, recommended by Christina Romer

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    The best books on Learning from the Great Depression - A Monetary History of the United States, 1867-1960 by Anna Schwartz & Milton Friedman

    1

    A Monetary History of the United States, 1867-1960
    by Anna Schwartz & Milton Friedman

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    The best books on Learning from the Great Depression - Golden Fetters by Barry Eichengreen

    2

    Golden Fetters
    by Barry Eichengreen

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    The best books on Learning from the Great Depression - Essays on the Great Depression by Ben Bernanke

    3

    Essays on the Great Depression
    by Ben Bernanke

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    The best books on Learning from the Great Depression - America’s Greatest Depression by Lester Chandler

    4

    America’s Greatest Depression
    by Lester Chandler

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    The best books on Learning from the Great Depression - The End of One Big Deflation by Barry Wigmore & Peter Temin

    5

    The End of One Big Deflation
    by Barry Wigmore & Peter Temin

The best books on Learning from the Great Depression, recommended by Christina Romer

The former chair of President Obama’s Council of Economic Advisers says we’ve learned that terrible downturns can still occur, but also that the right policy response can make a huge difference to the outcome

    The best books on Financial Speculation, recommended by John Gapper

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    The best books on Financial Speculation - Extraordinary Popular Delusions and the Madness of Crowds by Charles Mackay

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    Extraordinary Popular Delusions and the Madness of Crowds
    by Charles Mackay

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    The best books on Financial Speculation - The Way We Live Now by Anthony Trollope

    2

    The Way We Live Now
    by Anthony Trollope

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    The best books on Financial Speculation - The Great Crash 1929 by John Kenneth Galbraith

    3

    The Great Crash 1929
    by John Kenneth Galbraith

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    The best books on Financial Speculation - When Genius Failed by Roger Lowenstein

    4

    When Genius Failed
    by Roger Lowenstein

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    The best books on Financial Speculation - All The Devils Are Here by Bethany McLean and Joe Nocera

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    All The Devils Are Here
    by Bethany McLean and Joe Nocera

The best books on Financial Speculation, recommended by John Gapper

We all have a bit of the rogue trader in us. So says the chief business commentator of the FT, who tells us about the greed, vanity and weakness that can lead to financial disaster. He picks the best books on financial speculation.

    The best books on John Maynard Keynes, recommended by Robert Skidelsky

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    The best books on John Maynard Keynes - The Life of John Maynard Keynes by Roy Harrod

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    The Life of John Maynard Keynes
    by Roy Harrod

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    The best books on John Maynard Keynes - John Maynard Keynes by Paul Davidson

    2

    John Maynard Keynes
    by Paul Davidson

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    The best books on John Maynard Keynes - John Maynard Keynes by Hyman Minsky

    3

    John Maynard Keynes
    by Hyman Minsky

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    The best books on John Maynard Keynes - Keynes and The Market by Justyn Walsh

    4

    Keynes and The Market
    by Justyn Walsh

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    The best books on John Maynard Keynes - The Unexplored Keynes and Other Essays by Anand Chandavarkar

    5

    The Unexplored Keynes and Other Essays
    by Anand Chandavarkar

The best books on John Maynard Keynes, recommended by Robert Skidelsky

Keynes biographer Robert Skidelsky recommends the best books about one of the most important economists of all time, John Maynard Keynes.

    The best books on Understanding High Finance, recommended by John Lanchester

  • Read
    The best books on Understanding High Finance - The Money Game by 'Adam Smith'

    1

    The Money Game
    by 'Adam Smith'

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    The best books on Understanding High Finance - Liar’s Poker by Michael Lewis

    2

    Liar’s Poker
    by Michael Lewis

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    The best books on Understanding High Finance - Against the Gods by Peter L Bernstein

    3

    Against the Gods
    by Peter L Bernstein

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    The best books on Understanding High Finance - Frozen Desire by James Buchan

    4

    Frozen Desire
    by James Buchan

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    The best books on Understanding High Finance - Too Big to Fail by Andrew Sorkin

    5

    Too Big to Fail
    by Andrew Sorkin

The best books on Understanding High Finance, recommended by John Lanchester

Understanding finance is key to understanding how the world works, but many people  know very little about it. Journalist John Lanchester picks five accessible books to bring the layperson up to speed.

    The best books on Financial Crashes, recommended by Charles Morris

  • Read
    The best books on Financial Crashes - Manias, Panics, and Crashes: A History of Financial Crises by Charles Kindleberger

    1

    Manias, Panics, and Crashes: A History of Financial Crises
    by Charles Kindleberger

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    The best books on Financial Crashes - This Time Is Different by Carmen Reinhart & Kenneth Rogoff

    2

    This Time Is Different
    by Carmen Reinhart & Kenneth Rogoff

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    The best books on Financial Crashes - John Maynard Keynes: 1883-1946: Economist, Philosopher, Statesman by Robert Skidelsky

    3

    John Maynard Keynes: 1883-1946: Economist, Philosopher, Statesman
    by Robert Skidelsky

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    The best books on Financial Crashes - A Demon of Our Own Design by Richard Bookstaber

    4

    A Demon of Our Own Design
    by Richard Bookstaber

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    The best books on Financial Crashes - Sources of the Self by Charles Taylor

    5

    Sources of the Self
    by Charles Taylor

The best books on Financial Crashes, recommended by Charles Morris

The former banker and author of 12 books on economics says that over the last 30 years economics has been colonising every science. “Even something like education all comes down to incentives”

    The best books on A New Capitalism, recommended by Anatole Kaletsky

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    The best books on A New Capitalism - The Truth About Markets: Why Some Nations are Rich But Most Remain Poor by John Kay

    1

    The Truth About Markets: Why Some Nations are Rich But Most Remain Poor
    by John Kay

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    The best books on A New Capitalism - The Company of Strangers by Paul Seabright

    2

    The Company of Strangers
    by Paul Seabright

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    The best books on A New Capitalism - What Money Can’t Buy by By Michael Sandel

    3

    What Money Can’t Buy
    by By Michael Sandel

  • Read
    The best books on A New Capitalism - Democracy in Europe by Larry Siedentop

    4

    Democracy in Europe
    by Larry Siedentop

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    The best books on A New Capitalism - Beyond Mechanical Markets by Roman Frydman and Michael Goldberg

    5

    Beyond Mechanical Markets
    by Roman Frydman and Michael Goldberg

The best books on A New Capitalism, recommended by Anatole Kaletsky

We need to build an entirely new market system, not just patch up the old one, says economics commentator Anatole Kaletsky. He picks the best books to help us think about what form a new capitalism might take.

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We ask experts to recommend the five best books in their subject and explain their selection in an interview.

This site has an archive of more than one thousand seven hundred interviews, or eight thousand book recommendations. We publish at least two new interviews per week.

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