The most recommended books about the financial crisis of 2007–2008

Who picked these books? Meet our 26 experts.

26 authors created a book list connected to the financial crisis of 2007–2008, and here are their favorite financial crisis of 2007–2008 books.
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Book cover of Learning to Use What You Already Know

Jeff Davidson Author Of Everyday Project Management

From my list on managing projects.

Why am I passionate about this?

I am the recognized expert on work-life balance, harmony, and integrative issues, and since 2009, hold the registered trademark from the USPTO as the “Work-Life Balance Expert®." I'm the author of several popular books including Breathing Space, Everyday Project Management, Simpler Living, and The 60 Second Organizer. My books have been featured in 68 of the top 75 American newspapers and, in two instances, advertised in Time Magazine and The Wall Street Journal. I offer hands-on strategies for a balanced career and life to audiences from Singapore to San Diego, with clients as diverse as Novo Nordisk, Worthington Steel, Lufthansa, American Law Institute, Wells Fargo, the IRS, and more.

Jeff's book list on managing projects

Jeff Davidson Why did Jeff love this book?

The authors maintain that everybody experiences flashes of insight: those moments when an "aha!" reaction leaves us feeling enlightened and empowered. I have felt this and you probably have too. Insights are the bits of knowledge in different parts of ourselves and they can be harnessed into a more integrated and effective whole.

Learning To Use What You Already Know explains how you can encourage insight. Consider that each of us knows more than we think we do. Thus we can employ a reflective process, described in the book, that integrates our conscious and unconscious resources, and prompts our perceptions of everything from getting along with coworkers, to being a visionary leader, to coping with technological change.  

Here are what I consider to be some of the book’s amazing takeaways: Life repeats itself until we learn. Lack of fit is not failure. If you get it right the first time,…

By Stephen A. Stumpf, Joel R DeLuca, Dan Shefelman (illustrator)

Why should I read it?

1 author picked Learning to Use What You Already Know as one of their favorite books, and they share why you should read it.

What is this book about?

Is there a way to encourage the kind of "aha!" perceptions that leave us feeling enlightened and empowered? Are there methods for facilitating the flashes of understanding that make us holler "eureka!" or smile with quiet contentment? Though insights may feel like they come out of the blue, Stumpf and DeLuca make us aware of the process behind the flash so that we can stimulate our capacity for learning and growth.
Beginning with the premise that each of us knows more than we think we do, Stumpf and DeLuca provide a reflective process that integrates all of our conscious and…


Book cover of To Die for: Is Fashion Wearing Out the World?

Tansy E. Hoskins Author Of Foot Work: What Your Shoes Are Doing to the World

From my list on workers’ rights in the fashion industry.

Why am I passionate about this?

I'm a journalist and author writing (mostly) about labour rights and the politics of the fashion industry. This work has taken me to Bangladesh, Kenya, Macedonia, and the Topshop warehouses in Solihull. I am the author of Foot Work – What Your Shoes Are Doing To The World, an exposé of the dark origins of the shoes on our feet. My award-winning first book Stitched Up – The Anti-Capitalist Book of Fashion, is available in six languages and was selected by Emma Watson for her "Ultimate Book List".

Tansy's book list on workers’ rights in the fashion industry

Tansy E. Hoskins Why did Tansy love this book?

A classic book on the pain that fashion inflicts on both people and planet. This book does an excellent job of showing how the exploitation of people is inseparable from the exploitation of the biosphere. It is a searing critique of the fashion industry and its voracious appetite for evermore profit, and how this short-termist model is driving us towards disaster.

By Lucy Siegle,

Why should I read it?

1 author picked To Die for as one of their favorite books, and they share why you should read it.

What is this book about?

An expose on the fashion industry written by the Observer's 'Ethical Living' columnist, examining the inhumane and environmentally devastating story behind the clothes we so casually buy and wear.

Coming at a time when the global financial crisis and contracting of consumer spending is ushering in a new epoch for the fashion industry, To Die For offers a very plausible vision of how green could really be the new black.

Taking particular issue with our current mania for both big-name labels and cheap fashion, To Die For sets an agenda for the urgent changes that can and need to be…


Book cover of The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy

Helena Chytilová Author Of Economic Literacy and Money Illusion: An Experimental Perspective

From my list on economic reads about money illusion.

Why am I passionate about this?

I am associate professor at Prague University of Economics and Business. My passion is to discover blank spaces in the economy, for which standard mainstream economic models have not provided answers yet. I was usually fascinated by biased behavior of individuals, which might lead to substantial implications at aggregate level. This has led me to narrow my focus on behavioral macroeconomics with special emphasis on monetary theory and policy, vibrant field with a great potential. After all, experimental economics seems to be a wonderful tool to examine phenomena, which is hard to grasp or for which there is no available data, such as money illusion, coordination failure, bank runs or Modigliani-Cohn hypothesis. 

Helena's book list on economic reads about money illusion

Helena Chytilová Why did Helena love this book?

I like this book especially due to its ability to illustrate money illusion in a very unconventional context.

Normally, money illusion means that people take nominal variables as proxy for real variables, which leads to suboptimal choice having real effects on the economy and affecting business cycle.

However, to my great surprise this book claims that even economic experts might suffer from some kind of money illusion, because they tend to misinterpret what is happening in the monetary system. This offers a very interesting explanation of recession and suggests that economists have not targeted adequate variables.

Unconventional suggestion to practice nominal GDP (gross domestic product) targeting instead of targeting the money supply is “outcome” of unique author´s vision called market monetarism. Inattention of policymakers to development of nominal GDP is blamed to be the direct cause of recession. 

By Scott Sumner,

Why should I read it?

1 author picked The Money Illusion as one of their favorite books, and they share why you should read it.

What is this book about?

The first book-length work on market monetarism, written by its leading scholar.

Is it possible that the consensus around what caused the 2008 Great Recession is almost entirely wrong? It's happened before. Just as Milton Friedman and Anna Schwartz led the economics community in the 1960s to reevaluate its view of what caused the Great Depression, the same may be happening now to our understanding of the first economic crisis of the 21st century.

Foregoing the usual relitigating of problems such as housing markets and banking crises, renowned monetary economist Scott Sumner argues that the Great Recession came down to…


Book cover of Fischer Black and the Revolutionary Idea of Finance

Roger E. Backhouse Author Of Founder of Modern Economics: Paul A. Samuelson: Volume 1: Becoming Samuelson, 1915-1948

From my list on 20th century economists.

Why am I passionate about this?

Roger E. Backhouse has been a Professor of Economics and the University of Birmingham (in the UK) for many years, specializing in the history of economic ideas, and has written several books on contemporary economics and where the ideas came from. Knowing that many people lose interest when economics gets technical, he has picked biographies of modern economists who have led interesting lives as well as contributing to the development of their discipline, defining “modern” economists as ones who were active during his own lifetime, a criterion that excludes John Maynard Keynes, on whom several outstanding biographies have been written.

Roger's book list on 20th century economists

Roger E. Backhouse Why did Roger love this book?

Since the global financial crisis of 2007-8, everyone knows about the transformation of financial markets that has taken place in recent decades. It also well known that developments in information technology have played a major role in that transformation. What is less well known is where the ideas that made it all possible came from. In this book, Perry Mehrling tells the story of Fischer Black, one of the creators of the Black-Scholes formula for pricing options (rights to buy or sell assets at a specified price at some point in the future) which are one of the foundations on which modern finance rests. The book shows how these ideas emerged out of a new type of community that spanned university economics departments and business schools as well private-sector financial firms, many of them founded in order to trade on the basis of the theories their founders had developed.

By Perry Mehrling,

Why should I read it?

1 author picked Fischer Black and the Revolutionary Idea of Finance as one of their favorite books, and they share why you should read it.

What is this book about?

Praise for FISCHER BLACK AND THE REVOLUTIONARY IDEA OF FINANCE "The story of Fischer Black...is remarkable both because of the creativity of the man and because of the revolution he brought to Wall Street...Mehrling's book is fascinating." FINANCIAL TIMES "A fascinating history of things we take for granted in our everyday financial lives." THE NEW YORK TIMES "Mehrling's book is essential reading for anyone interested in the development of modern finance or the life of an idiosyncratic creative genius." PUBLISHERS WEEKLY "Fischer Black was more than a vital force in the development of finance theory. He was also a character.…


Book cover of ...and forgive them their debts: Lending, Foreclosure and Redemption From Bronze Age Finance to the Jubilee Year

Keith Harrison-Broninski Author Of Supercommunities: A handbook for the 21st century

From my list on how community can save society.

Why am I passionate about this?

I studied Mathematics – the art of solving a problem by making it as general as possible, then attacking it with a combination of different techniques. By profession, I am a technologist, but the problem that interested me wasn’t technical – I wanted to know why, when most people are basically well-meaning, the world was in such a mess! Early on in my career, I came to believe that better collaboration was part of the answer. Later, I saw how you also needed the right kind of communities. Along the way, I’ve learned a lot about psychology, biology, systems theory, learning theory, anthropology, history, management, economics, finance, and more. I’m still learning.

Keith's book list on how community can save society

Keith Harrison-Broninski Why did Keith love this book?

I can’t say how much I love this book. It explains everything we know intuitively about economics but find hard to justify. Hudson was one of the few who saw the 2008 crisis coming, and he is still one of the few who know what we must do now. Taking the discussion of David Graeber’s extraordinary 2011 book Debt: The First 5000 Years to the next level, Hudson shows how Bronze Age rulers understood economic instability better than we do. When people get into serious debt, their personal crises not only destroy their own lives but ripple outwards to derail society, by giving their creditors enough power to compete with governments. To avoid society being run into the ground, governments must start cancelling debts – as they did long ago.

By Michael Hudson,

Why should I read it?

1 author picked ...and forgive them their debts as one of their favorite books, and they share why you should read it.

What is this book about?

In ...and forgive them their debts, renowned economist Michael Hudson – one of the few who could see the 2008 financial crisis coming – takes us on an epic journey through the economies of ancient civilizations and reveals their relevance for us today. For the past 40 years, in conjunction with Harvard’s Peabody Museum, he and his colleagues have documented how interest-bearing debt was invented in Bronze Age Mesopotamia, and then disseminated to the ancient world. What the Bronze Age rulers understood was that avoiding economic instability required regular royal debt cancellations. Professor Hudson documents dozens of these these royal…


Book cover of Rupturing The Dialectic: The Struggle Against Work, Money, and Financialization

Anitra Nelson Author Of Beyond Money: A Postcapitalist Strategy

From my list on anti-capitalist struggles for a postcapitalism.

Why am I passionate about this?

I don’t think of myself as a dreamer but, rather, a hard-headed activist scholar. Globally, most of us live under the domination of production for trade. We have ceded co-governance of production—collectively deciding what we produce, how we produce it, and for whom—to the abstract logic of markets operated via money. We face two great challenges reproduced by capitalism—growing socio-political inequities and ecological unsustainability. So, I argue that we must replace monetary values and operating systems with ‘real’, social and ecological, values and production for demand, for the basic needs of humans and the planet. Postcapitalism means moving beyond money to realize our self-value and emancipation. 

Anitra's book list on anti-capitalist struggles for a postcapitalism

Anitra Nelson Why did Anitra love this book?

Cleaver by name, cleaver by nature? Certainly, as an analyst following in Marx’s footsteps, Harry Cleaver resembles a nimble knife aspiring to a heavy-duty hatchet.

His ideas are impressive but make easy reading. So much so, he has attracted a great following since the publication of his now classic work Reading Capital Politically (1979). Rupturing the Dialectic (2017) is one of Cleaver’s most recent books. In three parts, he sings the praises of Marx’s work-oriented concept of ‘value’, delves into ‘decoding’ the financial sphere that currently mires us, and argues that "getting rid of money and markets entirely is not only a necessary condition for getting rid of capitalism but also desirable in its own right."

Observe the cleaver in action!

By Harry Cleaver,

Why should I read it?

1 author picked Rupturing The Dialectic as one of their favorite books, and they share why you should read it.

What is this book about?

"Rupturing the Dialectic rejects the quietism inherent in all economistic approaches to the current crises within capitalism, and furnishes working people with a clear, concrete, sensible program for how to move forward. This is a fine book, and it is one from which activists will greatly benefit." —David Sherman, author of Sartre and Adorno

"Cleaver's theory of the value of labor to capital, explanation of money as a critical mediator of class conflicts, and discussion of strategies for resistance and transformation are remarkable. Rupturing the Dialectic offers emancipating ways to understand everyday life and financial crises in capitalism today." —Anitra…


Book cover of Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System—and Themselves

Gretchen Cherington Author Of The Butcher, the Embezzler, and the Fall Guy: A Family Memoir of Greed and Scandal in the Meat Industry

From my list on the intersection of history, business, and personality.

Why am I passionate about this?

Early observations of power and privilege came from growing up around my Pulitzer Prize-winning father, Richard Eberhart, and his circle of iconic literary friends. During my long career advising top executives, I came to understand the dynamics of male power and privilege and its fit with individual personality. In their corner suites, I listened to CEOs interpret their pasts and envision their futures while the best of them uncovered their real fears and vulnerabilities. As these (mostly) men confronted their own mythologies and legacies, I, too, got to examine mine—recognizing that the best way to change our companies and our lives is to change ourselves. 

Gretchen's book list on the intersection of history, business, and personality

Gretchen Cherington Why did Gretchen love this book?

This book informed my macroeconomic thinking on the way banks and companies have long been twined and the complex decisions that ultimately somebody—whether company boards or government regulators—need to make when they fail.

This was a perfect study for my own research into the near collapse of the early Hormel company and the reason why it still exists today; Sorkin’s chosen title would apply. Companies have an impact, both good and sometimes bad, and our regional and national economies often suffer from their hubris and greed.

Sorkin’s master storytelling kept me riveted and mesmerized all the way through six hundred and forty pages. 

By Andrew Ross Sorkin,

Why should I read it?

3 authors picked Too Big to Fail as one of their favorite books, and they share why you should read it.

What is this book about?

SHORTLISTED FOR THE BBC SAMUEL JOHNSON PRIZE 2010

They were masters of the financial universe, flying in private jets and raking in billions. They thought they were too big to fail. Yet they would bring the world to its knees.

Andrew Ross Sorkin, the news-breaking New York Times journalist, delivers the first true in-the-room account of the most powerful men and women at the eye of the financial storm - from reviled Lehman Brothers CEO Dick 'the gorilla' Fuld, to banking whiz Jamie Dimon, from bullish Treasury Secretary Hank Paulson to AIG's Joseph Cassano, dubbed 'The Man Who Crashed the…


Book cover of International Corporate Governance: A Comparative Approach

Harry Korine Author Of Strong Managers, Strong Owners: Corporate Governance and Strategy

From my list on making corporate governance work.

Why am I passionate about this?

Some time after starting out as an academic in the field of strategy, I became aware of the fact that strategists thought and acted as if board members and shareholders simply did not exist—executives made strategy. The revelatory moment for me came when I tested this conception of the world against the reality that I knew, Europe and family business, settings where shareholders in particular have always played a critical role in deciding on the direction of the firm. Ever since, I have made it my missionin research, in teaching, and in consultingto make sure that strategy and governance questions are always raised at the same time.

Harry's book list on making corporate governance work

Harry Korine Why did Harry love this book?

Too often, people in the corporate governance field jump to the conclusion that what works in one country has to work the same way in another country. Although corporate governance is fundamentally about power and accountability, no matter the setting, one size does not fit all. Thomas Clarke’s book is an excellent introduction to understanding how different legal systems and different histories have shaped corporate governance in different national environments. Learn from the best no matter the source and adapt to local needs.

By Thomas Clarke,

Why should I read it?

1 author picked International Corporate Governance as one of their favorite books, and they share why you should read it.

What is this book about?

Thomas Clarke's International Corporate Governance offers a comprehensive guide to corporate governance forms and institutions and examines the recurring crises in corporate governance and the resulting corporate governance reform around the world.

While the popular structure of the original text has been retained, significant changes have been made to take account of the global financial crisis, ever-changing regulations and worldwide governance developments. Key topics include:

The governance failures of international corporations such as Enron and Lehman Brothers

Diversity in corporate and institutional forms across the world

The role of international corporate governance standards

Digital disruption in capital markets and proposals…


Book cover of Other People's Money: Inside the Housing Crisis and the Demise of the Greatest Real Estate Deal Ever Made

Robert Polner Author Of An Irish Passion for Justice: The Life of Rebel New York Attorney Paul O'Dwyer

From my list on era that influenced attorney Paul O'Dwyer.

Why am I passionate about this?

My father was the child of poor New York emigrants who, like our Ireland-born subject, Paul O’Dwyer, made his way into the American middle class through education, hard work, the beneficial effects of the New Deal, and the impact of labor organizing. All of these had the added benefit of restraining the tides of economic inequality and easing the galling undertow of racism. As American society retreated in my adult lifetime into rank nativism, political race-baiting, and an ever-widening gulf between the very rich and everyone else, I was attracted to the idea of taking the measure of a lawyer-activist-politician in New York in the 20th century, Paul O’Dwyer. 

Robert's book list on era that influenced attorney Paul O'Dwyer

Robert Polner Why did Robert love this book?

One of O’Dwyer’s early prominent battles for the First Amendment and civil rights occurred when he represented families evicted for opposing a racial color line in the selection of tenants of MetLife’s Stuyvesant Town in lower Manhattan, built with assistance from the La Guardia administration.

Through Bagli’s carefully researched history of this watershed battle over the authority of a private landlord to bar African Americans, he explains that O’Dwyer’s involvement in the case on behalf of progressive tenants helped pave the way for Metlife to build the smaller Riverton housing development in Harlem as a concession to critics. Over time, city and state laws would make housing discrimination illegal.

By Charles V. Bagli,

Why should I read it?

1 author picked Other People's Money as one of their favorite books, and they share why you should read it.

What is this book about?

A veteran New York Times reporter dissects the most spectacular failure in real estate history

Real estate giant Tishman Speyer and its partner, BlackRock, lost billions of dollars when their much-vaunted purchase of Stuyvesant Town–Peter Cooper Village in New York City failed to deliver the expected profits. But how did Tishman Speyer walk away from the deal unscathed, while others took the financial hit—and MetLife scored a $3 billion profit?
 

 

Illuminating the world of big real estate the way Too Big to Fail did for banks, Other People’s Money is a riveting account of politics, high finance, and the hubris…


Book cover of Capitalism: A Short History

Kleio Akrivou Author Of The Challenges of Capitalism for Virtue Ethics and the Common Good: Interdisciplinary Perspectives

From my list on capitalism, ethics, and the self.

Why am I passionate about this?

I have cross-disciplinary expertise (ethics and moral philosophy, philosophical anthropology and moral psychology), and my work focuses on personalist virtue ethics, moral human development, and the links between ethics and economics; I am a person who loves nature and animals, and I’m thrilled to do good work. I was educated and worked internationally, with academic degrees in different Europe countries and the USA, and 30 years of work and academic experience in Europe, the USA, and SE Asia. I live with my family near London, U.K.. I am passionate about enabling a more sustainable society that however remains rooted in human dignity and avoids instrumentalizing the person

Kleio's book list on capitalism, ethics, and the self

Kleio Akrivou Why did Kleio love this book?

A brilliant short history of capitalism, and how it all evolved until we got to today’s late or hyper-capitalism.

I love the way the book draws from social and economic history, to show how economic, social, and personal relations and ways of life have been weakened is something that starts from the 14th century but also evolved locally as much as in more universal ways.

By Jurgen Kocka,

Why should I read it?

1 author picked Capitalism as one of their favorite books, and they share why you should read it.

What is this book about?

In this authoritative and accessible book, one of the world's most renowned historians provides a concise and comprehensive history of capitalism within a global perspective from its medieval origins to the 2008 financial crisis and beyond. From early commercial capitalism in the Arab world, China, and Europe, to nineteenth- and twentieth-century industrialization, to today's globalized financial capitalism, Jurgen Kocka offers an unmatched account of capitalism, one that weighs its great achievements against its great costs, crises, and failures. Based on intensive research, the book puts the rise of capitalist economies in social, political, and cultural context, and shows how their…


Book cover of Learning to Use What You Already Know
Book cover of To Die for: Is Fashion Wearing Out the World?
Book cover of The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy

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