The Road from Ruin: How to Revive Capitalism and Put America Back on Top

by Matthew Bishop and Michael Green

Book Overview

We Have a World-Class Mess . . . Now What? Amid the carnage of bankruptcies, soaring unemployment, and millions of families losing their homes during the financial crisis of 2007-2009 lay the bloody... This description may be from another edition of this product.

• Format: Hardcover
• Language: English
• ISBN: 0307464229
• ISBN13: 9780307464224
• Release Date: January 2010
• Publisher: Crown Business
• Length: 373 Pages
• Weight: 1.41 lbs.
• Dimensions: 1.3" x 6.6" x 9.3"

Customer Reviews

Insider insights

The praise that other reviewers have showered on this book is well merited. It is wide ranging, bold and beautifully written. What is especially striking to me is its "insider's" view -- Matthew Bishop is a veteran of the Economist -- of the role the Press. Journalists certainly weren't the prime culprits, but as the authors show, they did contribute through what they did and did not report and how. The Press has a vital role to play in the orderly functioning of modern economies and societies, and Bishop and Green put their finger on the challenges faced by financial journalists.

From Ruin to Reset

This book is different. There have been lots of book on the economic crisis that read like a soap opera or a whodunnit. The Road From Ruin explains why the crisis happened, and how we can get out of it in better shape than we went into it. Well-written, convincing, and an enjoyable read for the general reader as well as the expert, it ranges widely, from the future of economics to how to improve financial regulation and why we need to put values at the heart of capitalism. Essential reading for anyone interested in the reset economy.

Towards a better and safer capitalism

Matthew Bishop, NY editor of The Economist, and Michael Green conduct a compelling autopsy of the global financial crisis in their latest book (The Road from Ruin) and they survey the road out of the mess and towards a safer capitalism. They argue that the efficient market hypothesis has been taken dangerously far and that we need a new form of capitalism grounded on a more sophisticated understanding of human behavior, an argument that needs to be heard in the halls of business schools throughout the world. Bishop and Green dedicate a chapter to the idea of a Hippocratic Oath for business managers which they believe can contribute to the badly needed professionalization of management and its commitment to the public interest. In the last couple of years, the idea of establishing a professional oath for managers has gone from utopia (the case of Thunderbird School of Global Management where I work is explicitly discussed) to a global movement supported by organizations as diverse as the World Economic Forum Young Global Leaders (which Bishop himself is part of), the United Nations Global Compact, an organization of MBA students, and the Aspen Institute. The Road from Ruin provides one of the most compelling critical analyses of this idea to date. In the presentation of the book in Davos in Jan. 2010 Matthew Bishop recognized he had been initially skeptical about the power of an oath to change behavior, but that the current course of events make him believe that a change in values by those in charge of large corporations and financial institutions is long due, and that a professional code of conduct embedded in business schools and perhaps eventually in professional associations, could contribute to such change. Overall a great, though-provoking read.

Every chapter informs and makes you think

Lucid, non-technical and jargon-free writing weaves historical background, details about places, people and events, and most importantly, important ideas in this book. Don't expect to agree with everything the authors propose - there are ideas you will agree with and ideas that you will disagree with but without fail, every chapter will inform you and make you think more deeply. As we wade through what we have learnt from the recent financial crisis and debate reforms that are needed, Bishop and Green provide a balanced view, cautioning us against falling for "false remedies" and reminding us that "finance, although imperfect, is still our best tool for managing risks" and "no alternative economic model is challenging capitalism, for all its flaws, as the best way to meet the needs of the expanding global population." I am recommending this stimulating book not only to my students and academic colleagues but also to my friends and family members.

A must read for financiers the world over

I love this book! By drawing on the lessons of history, Matthew Bishop and Michael Green offer a wise and timely warning against knee-jerk regulatory responses that simply try to banish financial innovation. Yet nor are they complacent. They set a much-needed agenda for change - that business and finance need to think long-term instead of focusing on short-term profits and that we need to expand the financial literacy of all citizens but particularly our politicians.