The Origin of Financial Crises by George Cooper [rare books]

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Book Summary

The Origin of Financial Crises: Central Banks, Credit Bubbles, and the Efficient Market Fallacy by George Cooper is a critical examination of the financial systems that led to the 2008 global financial crisis. First published in 2008, the book challenges prevailing economic theories and offers insights into the inherent instability of financial markets.

Cooper argues that financial crises are not anomalies but are intrinsic to the structure of modern economies. He critiques the Efficient Market Hypothesis (EMH), which posits that asset prices always reflect all available information. According to Cooper, this theory fails to account for the irrational behaviors and speculative bubbles that characterize real markets. He also discusses the role of central banks, suggesting that their focus on controlling inflation has led them to neglect the stability of asset prices, thereby contributing to financial instability.

The book delves into the dynamics of credit creation and its impact on economic cycles. Cooper emphasizes the need for central banks to adopt policies that focus on asset price stability to prevent the boom-bust cycles that lead to financial crises.

About the Author

George Cooper is a British economist and author with a background in investment banking. He has worked at various financial institutions and has a keen interest in economic theory and its real-world applications. Through his writings, Cooper seeks to bridge the gap between economic theory and the practical realities of financial markets.

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