Financial Whirlpools

Financial Whirlpools

A Systems Story of the Great Global Recession

Book - 2013
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Elsevier Science and Technology

How do economists reconcile their expertise with their failures to predict and manage the 2008 financial crisis? This book goes a long way toward an answer by using systems theory to reveal the complex interdependence of factors and forces behind the crisis. In her fully integrated view of the economy, how it works, and how the economic crisis burst, Karen Higgins combines human psychology, cultural values, and belief formation with descriptions of the ways banks and markets succeed and fail. In each chapter she introduces themes from financial crisis literature and brings a systems-theory treatment of them. Her methodology and visual presentations both develop the tools of systems theory and apply these tools to the financial crisis. Not just another volume about the crisis, this book challenges the status quo through its unique multidisciplinary approach.

  • Presents a broad global view of international economic health and international corporate health
  • Describes how policies, regulations, and trends dating to the 1950s influenced the crisis
  • Assumes readers possess a general familiarity of economics and finance


Baker & Taylor
"How do economists reconcile their expertise with their failures to predict and manage the 2008 financial crisis? This book goes a long way toward an answer by using systems theory to reveal the complex interdependence of factors and forces behind the crisis. In her fully integrated view of the economy, how it works, and how the economic crisis burst, Karen Higgins combines human psychology, cultural values, and belief formation with descriptions of the ways banks and markets succeed and fail"--Amazon.com.

Book News
This work applies "systems thinking" (drawing on insights from economics, psychology, philosophy, ethics, and management) in order to analyze the dynamics of the global economic crisis that began in 2008. Unlike linear thinking, the systems framework takes into account such dynamics as feedback Loops, Lags between decisions and actions, Limits to systems such as the economy, and Levers for applying change in the most effective manner. After introducing the analytical framework of the systems thinking methodology and fundamental economic issues such as monetary, housing, and lending policies; mortgage loans, securities, and derivatives; and supply and demand in housing, the author explores issues of human behavior and thought that influence the working of the economy, which she calls the "yin side" of the systems picture, and then moves on to the "yang," including aspects of debt, financial securities, and the housing bubble. She then brings "yin" and "yang" together and offers an analysis of how they served to create "the financial whirlpools that engulfed the economy and characterized its destructive conditions." Annotation ©2013 Book News, Inc., Portland, OR (booknews.com)

Publisher: Amsterdam : Academic Press, 2013
ISBN: 9780124059054
0124059058
Branch Call Number: 330.9051 HIGGI
Characteristics: 360 pages

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