Fault-Lines: How Hidden Fractures Still Threaten The World Economy

New Delhi, Sep 19 (Calcutta Tube) In what is seen as a boost to Indian non-fiction publishing, a book by Raghuram Rajan, economic advisor to the prime minister, has been shortlisted for the sixth annual Financial Times and Goldman Sachs Business Book of the Year Award.

Fault-Lines: How Hidden Fractures Still Threaten The World Economy‘ was one of six books shortlisted for the award, said a statement by the publisher, HarperCollins-India. The winner will be awarded a purse of 30,000 pounds and a citation.

The book probes the hard choices that can prevent another recession. The financial collapse of 2007 and the ‘great recession’ that followed left many economists on the defensive.

The book asks what happened to the usual regulatory checks and balances and to the discipline imposed by markets?

What happened to the private instinct for self-preservation? Is the free enterprise system fundamentally flawed? These are not questions that would arise if this were ‘just another’ emerging market crisis. And given the cost of this crisis, we cannot afford facile or wrong answers. Fault Lines tries to look at answers to the questions raised during the recession.

Rajan was the economic counsellor and director of research (chief economist) at the International Monetary Fund from September 2003 until January 2007.

He is currently the Eric J. Gleacher Distinguished Service Professor of Finance at the University of Chicago’s Graduate School of Business. The 1963-born economist has co-authored with Luigi Zingales a book titled ‘Saving Capitalism from the Capitalists’.

The winner of the 2010 Book Award will be announced Oct 27, 2010, in New York. The six shortlisted entries were chosen from 200 books.

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