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Hard-cover • 2015
Pages: 414
ISBN: 9789332701700
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Academic Foundation

Looking Back at Macroeconomics 101

A Ringside View of the Global Financial Crisis from Asia in Real Time

Alok Sheel

About the Book

<p>A perspective from Asia on the global financial crisis as it unfolded in real time, and, in the process redefined several prevailing macro-economic paradigms.&nbsp;</p> <p><br /> Written by a policy maker with a good knowledge of economics and history who participated in G20 debates on crisis management, it is addressed primarily to the interested layperson, including students who feel their textbooks do not adequately explain the real world. It should also be of interest to subject specialists. The anomalies in the process of fitting fact to theory are littered liberally throughout.&nbsp;</p> <p><br /> Although the central theme is the recent global financial crisis, the book is very broad in sweep with the overarching objective of locating the crisis amidst the broad sweep of economic history, a changing world and policy &nbsp;debates. Structured in a manner that sits easy on the reader, it need not be read from beginning to end. The reader can complete the book without breaking into a sweat, with the big picture in its rich, full detail falling into place frame by frame.</p>

Praise for this book

<p>“Alok Sheel is unique in combining the experience of providing policy advice to governments during the global financial crisis with the inquiring mind of an academic. It is a potent combination that constantly challenges accepted economic policy concepts. Most importantly, he always makes you think.”<br /> <strong>— Michael Callaghan</strong></p> <p><strong>&nbsp; &nbsp; </strong>former Executive Director (International) Australian Treasury.</p> <p>&nbsp;</p> <p>&nbsp;</p> <p>“This book by an ‘historian by training, civil servant by profession, economist by accident and writer by inclination’ is an absorbing account that wisely avoids the rhetorical excesses of the demise of capitalism but also what passes for macro-economic theory. A must read.”<br /> <strong>— T.N. Srinivasan</strong></p> <p><strong>&nbsp; </strong>&nbsp; &nbsp;Samuel C. Park Jr. Professor of Economics, Yale University.</p> <p>&nbsp;</p> <p><br /> “An unorthodox but brilliant and eminently readable exposition by an insider that locates the global financial crisis within the rich contours of a changing world.”<br /> <strong>— Y.V. Reddy</strong></p> <p>&nbsp; &nbsp; &nbsp;former Governor, Reserve Bank of India.</p> <p>&nbsp;</p> <p><br /> “An unusual and extremely readable book on the financial crisis of 2008 by one who observed developments from various policy fora including the G20. Sheel is a master analyst skeptical of traditional economic theory. Written with a deep historical sense that should be of interest to just about everybody, not just the specialist.”<br /> <strong>— C. Rangarajan</strong></p> <p>&nbsp; &nbsp; &nbsp;former Chairman, Indian Prime Minister’s Economic</p> <p>&nbsp; &nbsp; &nbsp;Advisory Council.</p> <p>&nbsp;</p> <p><br /> “An accessible and informative book on the global financial crisis by a front-line participant in international financial diplomacy that weaves history and economics together into a thought provoking analysis of how basic principles of economics have been tested and found wanting.”<br /> <strong>— Eswar Prasad</strong></p> <p>&nbsp; &nbsp; Tolani Senior Professor of Trade Policy,</p> <p>&nbsp; &nbsp; Cornell University and Senior Fellow, Brookings Institution.</p> <p>&nbsp;</p> <p><br /> “During my time in the Ministry of Finance, Alok Sheel was our in-house resource on the history of international finance, global crises and anything G-20. This book makes it clear why it had to be that way. Written from a policymaker’s perspective, and by not altering what he wrote, the book sheds light on what a crisis looks like &nbsp;up close, and in retrospect.”<br /> <strong>— Kaushik Basu</strong></p> <p>&nbsp; &nbsp; Senior Vice President and Chief Economist of the World Bank,</p> <p>&nbsp; &nbsp; and C. Marks Professor at Cornell University.</p> <p>&nbsp;</p> <p><br /> “Combining a deep scholarship of economic history, sophisticated appreciation of global economic issues and rich hands on experience in policy making, Alok’s reflections are a delightful intellectual treat.”<br /> <strong>— D. Subbarao</strong></p> <p>&nbsp; &nbsp; former Governor, Reserve Bank of India.</p> <p>&nbsp;</p>

About the Author(s) / Editor(s)

Alok Sheel has over 30 years of public service and policy experience as a member of the elite Indian Administrative Service (IAS), with key assignments in the finance ministry, Prime Minister’s Economic Advisory Council and as multilateral interlocutor in the G20 deliberations during the Global Financial Crisis.With a Masters (distinction) in Macro-economic Policy from the University of Bradford, UK, and a PhD in History from Jawaharlal Nehru University, New Delhi, India, he has written widely on issues relating to the global economy and finance, macro-economic policy, development finance, the international monetary system and global economic governance.He writes regularly for several financial dailies. 

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