Freefall - Joseph E. Stiglitz

This devastating
and inspiring book, by one of the world's leading economic thinkers, lays out
not only the course of the financial crisis which began in 2007, but its
underlying causes, and shows why much more radical reforms are needed than are
currently being contemplated if we are to avoid similar 'systemic' crises in
the future. It shows why the bailout has been only marginally effective and
how it could have been much more so, and outlines the enormous opportunity -
not yet taken - to design a new global financial architecture. It is highly
critical of many of the actions not only of George Bush's administration, but
also of Barack Obama's. It shows why the bulk of the cost of recovery should
be borne by those in the financial sector - not just for reasons of natural
justice, but for compelling economic reasons also. More than any of this, it
reminds readers to think constantly about what economies are for, and the
human purposes they serve.

Freefall is an instant classic, combining an enthralling whodunit account of the current crisis with a bracing discussion of the broader economic issues at stake.