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The Chastening: Inside the Crisis That Rocked the Global Financial System and Humbled the IMFby Paul Blustein
Synopses & Reviews
Lauded by reviewers and scholars alike, Paul Blustein's The Chastening examines the role of the International Monetary Fund in the series of economic crises that rocked the globe in the last decade. Based on hundreds of interviews with officials at the IMF, the World Bank, the U.S. Treasury, the Federal Reserve, the White House, and many foreign governments, The Chastening offers a behind-the-scenes look at the Fund during an extraordinarily turbulent period in modern economic history and at a time when the IMF has become the object of intense political controversy.
While the IMF and its overseers at the Treasury and the Fed have sought to cultivate an image of economic masterminds coolly dispensing effective economic remedies, the reality is that as markets were sinking and defaults looming, the guardians of global financial stability were often floundering, improvising, and feuding among themselves. The Chastening casts serious doubt on the IMF's ability to combat of investor panics at a time when massive flows of money traverse borders and oceans.
A readable, compelling account of the deeply flawed workings of the international political system, The Chastening is vital reading for students and scholars of international diplomacy, government, and economic and public policy.
Book News Annotation:
Blustein, who covered the financial crises and the IMF in the 1990s from his position as a staff writer for the The Washington Post), turned the story into a surprisingly engaging tale published in 2001 (also with PublicAffairs) and now available in this paperback edition. Annotation (c)2003 Book News, Inc., Portland, OR (booknews.com)
The breathtaking behind-the-scenes story of the nearly disastrous global financial crisis of the late 1990s and how the International Monetary Fund tried--and failed--to stem it
Includes bibliographical references and index.
Lauded by reviewers and scholars alike, Blustein's "The Chastening" examines the role of the International Monetary Fund in the series of economic crises that rocked the globe in the last decade.
About the Author
Paul Blustein, a staff writer at the Washington Post, has covered business and economic issues for more than twenty years. He served as a correspondent in Asia for the newspaper from 1990 to 1995. His work has won several prizes, including business journalism's most prestigious, the Gerald Loeb Award.
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