"The Great Persuasion is an exemplary work of intellectual history showing how a small circle of theorists played a huge role in the triumph and persistence of market-centered political conservatism. Burgin renders refreshingly dynamic the notoriously dreary ideas of economists as he narrates two generations of calculated networking, skillful popularization, and political organizing.”—David A. Hollinger, University of California, Berkeley
Delving into how such a massive intellectual failure could have happened, Gorton offers a back-to-basics elucidation of financial crises, and shows how they are not rare, idiosyncratic, unfortunate events caused by a coincidence of unconnected factors.
"Bill Allen has written a very clear account of the interaction between the withdrawal of liquidity from wholesale financial markets in 2007/8/9 and the unfolding of the crisis. He attributes the relative success, compared to 1931, of the steps taken to counteract the 2008/9 crisis to the willingness of Central Banks to expand their balance sheets, with particular emphasis on the Fed's willingness to extend dollar swaps to other countries. Ben Bernanke will find this a pleasure to read; so will you, and so did I, perhaps particularly, the nice short chapter (5) on changes, under pressure, to Central Bank theories and practice."-- Charles Goodhart, London School of Economics