Matthew Bishop is the U.S. business editor of The Economist and a former faculty member of the London Business School. He has served as a member of the Sykes Commission on the investment system in the 21st century, as well as on the Advisors Group of the United Nations International Year of Microcredit 2005, and has been honored as a Young Global Leader by the World Economic Forum. He has been interviewed on NPR, BBC, CNBC, and the Charlie Rose show.Bishop is co-author with Michael Green of The Road from Ruin: How to Revive Capitalism and Put America Back on Top. They are also authors of Philanthrocapitalism: How Giving Can Save the World.
Amid the carnage of bankruptcies, soaring unemployment, and millions of families losing their homes during the financial crisis of 2007–2009 lay the corpse of a set of ideas that had underpinned the economics of the previous thirty years. A system that had been delivering unprecedented prosperity on a global scale suddenly teetered on the verge of collapse. Capitalism was seemingly exposed as a house of cards. The blame game became a new national pastime as doomsayers predicted the end of America’s leadership of the world economy.
Decisions about how to reshape a discredited capitalism will profoundly affect whether the coming years will be ones of depression, stagnation, or renewed prosperity.
Instant analysis since the collapse of the financial system in the fall of 2008 has produced no end of ideas about what to do—ranging from those of free market ideologues (let the market do its work and damn the consequences) to extreme government interventionists determined to keep the animal spirits of capitalism penned up.
Matthew Bishop and Michael Green take a step back and analyze what can be learned from financial crises of the past—from the Tulip Craze of the seventeenth century through the Great Depression of the 1930s, Japan’s Great Deflation, and the Long-Term Capital debacle of the 1990s to the unprecedented interventions of the government during the past year—to set the agenda for a reformed twenty-first-century capitalism.
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