Great economic earthquake

'The Great Economic Earthquake' takes us through 10 devastating financial crises of the world, from the Great Crash of 1929, the currency crisis in Latin America and Europe to the global financial crisis of 2008 or the shocks of the COVID-19 pandemic.

Book Great Economic Earthquake - Photo: DAN TRI Publishing House

Each chapter of the book is like a chronological history that helps us explore the causes, developments and consequences of major economic collapses, thereby understanding how to better respond to crises.

Linda Yueh's vivid chronicle opens with the Great Crash of 1929 (also known as the Wall Street Crash of 1929). Because this is one of the most devastating financial crises of all time.

The crash began in October 1929 with a sharp drop in prices on the New York Stock Exchange, one-third of American banks went bankrupt, the American economy contracted by a shocking 29%. One-quarter of Americans lost their life savings, and millions were unemployed and in dire straits.

And then came more crises, and most recently, the COVID-19 pandemic, which, although not originating in financial markets, still caused a global economic shock as the world was forced to stop operating for a long time.

By charting nearly a century of turmoil, the author does not simply recount events but helps us understand why these crises occurred and how they might repeat themselves.

From The Great Economic Earthquake , readers can draw many lessons not only in terms of macroeconomics but also in management thinking, market confidence and systemic nature in crisis.

The book points out that the 2008 global financial crisis and the 2020 COVID-19 crisis both showed the extremely important role of central banks and governments in "rescuing" the economy with large stimulus packages.

For a young economy, the important lesson is not to avoid crises but to weather them. By strengthening the financial system, developing healthy capital markets, controlling debt risks and increasing resilience, these earthquakes cannot be avoided but the damage can be limited.

The purpose of the Great Economic Earthquake is to emphasize the lessons we can learn from past mistakes to avoid, or at least avoid the worst consequences, of the crises that are sure to happen in the future.

Linda Yueh, author of The Great Sharing Economy

Linda Yueh (born 1977) is a professor at the London Business School, a visiting professor at the IDEAS Institute of the London School of Economics and Political Science, and a visiting professor of economics at Peking University.

She has served as an advisor to the World Bank, the European Commission, the Asian Development Bank, the World Economic Forum in Davos, and many other organizations.

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Lam Lake

Source: https://tuoitre.vn/dai-dia-chan-kinh-te-20250715095320164.htm