SynopsisRaghuram G. Rajan was one of a handful of economists who foresaw the financial crisis that hit the world in 2008. In Fault Lines, Rajan makes a case for looking beyond the shortsighted blamegame that targets only greedy bankers. There are serious flaws in the global economy, he writes, and an even more debilitating crisis awaits us if those faults are not addressed right now.
Rajan demonstrates how the individual choicesmade by bankers, government officials and ordinary homeownersthat collectively brought about the economic meltdown were rational responses to a defective global financial order: specifically, a mismatch between the incentives and the dangers involved in taking on risks.
In Fault Lines, Rajan outlines the hard choices that all nations must make to ensure greater stability and lasting prosperity. Importantly, he examines how the Indian development experience differs from that of other fastgrowing economies. Despite India`s recent successes, he argues that the country must act decisively to maintain its peopleoriented growth. This unique development path, he contends, will be a compelling role modela triumph of rapid growth in a flourishing democracy.
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Binding: Paperback
About the author
Raghuram Govind Rajan is a world-class Indian economist who has also served as the twenty-third Governor of the Reserve Bank of India. He also serves as Eric J. Gleacher Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. Rajan is also a visiting professor for the World Bank, Federal Reserve Board, and Swedish Parliamentary Commission. He formerly served as the president of the American Finance Association and was the chief economist of the International Monetary Fund (IMF).
In 1985, he graduated from the IIT, Delhi with a bachelor's degree in electrical engineering, and he completed his MBA at the IIM, Ahmedabad in 1987. He received a PhD in management from the Massachusetts Institute of Technology (MIT) in 1991 for his thesis titled "Essays on Banking".
