The Crisis of Global Capitalism: Open Society Endangered

The Crisis of Global Capitalism: Open Society Endangered

The Crisis of Global Capitalism: Open Society Endangered

The Crisis of Global Capitalism: Open Society Endangered

Synopsis

The global economy, on which the world now depends more than ever, is in crisis. The Russian economy has collapsed, leading to punishing inflation and economic hardship. Scores of Japanese banks are in ruin while the Japanese government muddles along, the nation falling deeper and deeper into recession. The once-booming economies of Thailand, Malaysia, and Indonesia have imploded. Brazil and the rest of Latin America has begun to edge toward the precipice, and even in Europe and America themarkets lurch violently, wiping out gains with each passing week.

No one is better positioned to explain the current global financial crisis than George Soros, the man Morgan Stanley head Barton Biggs calls "the finest analyst of the world in our time." In The Crisis of Global Capitalism, Soros, chairman of Soros Fund Management (whose Quantum Fund is considered to have been the best performing investment fund in the world over the past thirty years), dissects the current crisis and economic theory in general, revealing how theoretical assumptions have combined with human behavior to lead to today's mess. He shows how unquestioning faith in market forces blinds us to crucial instabilities, and how those instabilities have chain-reacted to cause the current crisis- a crisis that has the potential to get much, much worse. Offering brilliant solutions to the global meltdown, based on years of Soros's own experience as a financier and philanthropist, this is essential reading for anyone involved with the new economy- that is, all of us.

Excerpt

My original aim in writing this book was to expound the philosophy that has guided me through life. I had become known as a successful money manager and later on as a philanthropist. Sometimes I felt like a gigantic digestive tract, taking in money at one end and pushing it out at the other, but in fact a considerable amount of thought connected the two ends. a conceptual framework, which I had formulated in my student days long before I became engaged in the financial markets, governed both my money making and my philanthropic activities.

I was greatly influenced by Karl Popper, the philosopher of science, whose book Open Society and Its Enemies made sense of the Nazi and communist regimes that I had experienced first hand as an adolescent in Hungary.Those regimes had a common feature: They laid claim to the ultimate truth and they imposed their views on the world by the use of force.Popper proposed a different form of social organization, one that recognized that nobody has access to the ultimate truth.Our understanding of the world in which we live is inherently imperfect and a perfect society is unattainable. We must content ourselves with the second best: an imperfect society that is, however, capable of infinite improvement. He called it open society, and totalitarian regimes were its enemies.

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