Lords of finance : the bankers who broke the world / Liaquat Ahamed.

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  • Additional Information
    • Abstract:
      Summary: Argues that the stock market crash of 1929 and subsequent Depression occurred as a result of poor decisions on the part of four central bankers who jointly attempted to reconstruct international finance by reinstating the gold standard.
    • Notes:
      Includes bibliographical references (p. [533]-544) and index.
    • ISBN:
      9781594201820 : HRD
      159420182X : HRD
    • Accession Number:
    • Accession Number:
  • Citations
    • ABNT:
      AHAMED, L. Lords of finance : the bankers who broke the world. [s. l.]: Penguin Press, 2009. ISBN 9781594201820. Disponível em: http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=cat05595a&AN=fay.271681. Acesso em: 27 maio. 2020.
    • AMA:
      Ahamed L. Lords of Finance : The Bankers Who Broke the World. Penguin Press; 2009. http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=cat05595a&AN=fay.271681. Accessed May 27, 2020.
    • APA:
      Ahamed, L. (2009). Lords of finance : the bankers who broke the world. Penguin Press.
    • Chicago/Turabian: Author-Date:
      Ahamed, Liaquat. 2009. Lords of Finance : The Bankers Who Broke the World. Penguin Press. http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=cat05595a&AN=fay.271681.
    • Harvard:
      Ahamed, L. (2009) Lords of finance : the bankers who broke the world. Penguin Press. Available at: http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=cat05595a&AN=fay.271681 (Accessed: 27 May 2020).
    • Harvard: Australian:
      Ahamed, L 2009, Lords of finance : the bankers who broke the world, Penguin Press, viewed 27 May 2020, .
    • MLA:
      Ahamed, Liaquat. Lords of Finance : The Bankers Who Broke the World. Penguin Press, 2009. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=cat05595a&AN=fay.271681.
    • Chicago/Turabian: Humanities:
      Ahamed, Liaquat. Lords of Finance : The Bankers Who Broke the World. Penguin Press, 2009. http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=cat05595a&AN=fay.271681.
    • Vancouver/ICMJE:
      Ahamed L. Lords of finance : the bankers who broke the world [Internet]. Penguin Press; 2009 [cited 2020 May 27]. Available from: http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=cat05595a&AN=fay.271681


Booklist Reviews 2009 February #1

Investment manager Ahamed tells the fascinating story of the Great Depression and the central bankers whose decisions were the primary cause of the economic meltdown from 1929 to 1933. They were Montagu Norman of the Bank of England, Emile Moreau of the Banque de France, Hjalmar Schacht of the Reichsbank, and Benjamin Strong of the New York Federal Reserve Bank. Interrelated crises not unlike modern events included Germany s recession prompted by the halt of American capital to Europe in 1928 (similar to the Mexican peso crisis of 1994); the collapse of the stock market in 1929 (parallel to the market fall in 2000); the sequence of banking panics from 1930–33 (much like the credit crunch in 2007–08); and the European financial crisis of 1931 (not unlike the emerging markets crisis in 1997–98). Although not exact comparisons, they offer excellent lessons, and Ahamed concludes that the Great Depression was not an "act of God," but resulted directly from a series of collective blunders in economic policy. Excellent book. Copyright 2009 Booklist Reviews.

LJ Reviews 2009 March #1

In this historical study, Ahamed, a professional money manager, sums up the causes of the Great Depression as a series of economic policy blunders that could have been avoided. He cites as causal factors the inflationary financing of World War I by printing money, the insurmountable war debts of Germany and the Allies, Germany's plunge into hyperinflation, and the return of most currencies to the gold standard at excessive and deflationary prewar rates. For example, he explains that when the U.S. stock market bubble burst in 1929 and economic activity collapsed, the central banks were restrained in stimulating the economy for fear of losing their gold reserves. In an epilog, Ahamed draws parallels between the crises of the Great Depression and those in recent times. He keeps his history interesting by highlighting the personalities of the heads of the major central banks, and he employs the economist John Maynard Keynes as a one-man Greek chorus critiquing the bankers' actions. This erudite and exceedingly well-written tale of financial chaos in the 1920s and 1930s is both timely and instructive for today's economic climate. Highly recommended for all academic and most public libraries.—Lawrence Maxted, Gannon Univ. Lib., Erie, PA

[Page 80]. Copyright 2009 Reed Business Information.

PW Reviews 2008 December #1

If you think today's economy is scary, check out the Jazz Age horrors chronicled in this financial history of the interwar years and the central bankers who blighted them. Ahamed, an investment manager, surveys the economic upheavals of the 1920s and 1930s, when crushing war debts and reparations from WWI sparked hyperinflation in Germany and a host of lesser eruptions, all of it climaxing in the American stock market crash and the Great Depression. He tells the story through the central bank chiefs of Britain, France, Germany and the United States as they confront unprecedented crises while "shackled" by the "dead hand" of the gold standard, the era's reigning financial orthodoxy (economist John Maynard Keynes, foe of gold and apostle of economic activism, is the book's hero). The author injects unnecessary commentary about the bankers' neuroses and marital difficulties into his coverage of interest rate and currency fluctuations (New York Federal Reserve head Benjamin Strong, he notes, possessed a "large nose that spoke of ruthlessness"). Fortunately, his protagonists' high-wire efforts to stave off national bankruptcies furnish Ahamed with plenty of drama to highlight his engrossing analysis of the complexities of monetary policy. Photos. (Jan.)

[Page 43]. Copyright 2008 Reed Business Information.