Published in 2023, "The Great Crashes: Lessons from Global Meltdowns and How to Prevent Them" is touted by Amazon as offering "urgent lessons for today’s world". Economist Linda Yueh’s expertise and engaging storytelling guide readers through 10 of the most turbulent crises in modern financial history over the past 100 years.
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In Vietnam, the book, translated by Phuc An and published by Dan Tri Publishers in collaboration with First News, was released in June. Photo: First News |
In Vietnam, the book, translated by Phuc An and published by Dan Tri Publishers in collaboration with First News, was released in June. Photo: First News
Yueh begins with the 1929 Great Crash (or Wall Street Crash) in the US. The stock market plummeted on the New York Stock Exchange, ushering in the Great Depression, which lasted until 1933. During this period, one-third of the nation’s banks failed, a quarter of the population lost their savings, and millions became unemployed. This event is considered one of the most devastating in financial history and played a significant role in global recessions.
Over the past century, the world has endured numerous other economic shocks, from the "three generations of currency crises" that unfolded in Latin America (1981-1982), Europe (1992), and Asia (1997-1998) to the Covid-19 pandemic that paralyzed the global economy. For each crisis, Yueh analyzes the causes and the measures taken, or not taken, to address the situation. She proposes preventative strategies and warns of potential risks that could lead to future crises.
Yueh argues that every crisis unfolds in three stages: excitement, confidence, and resolution. Initially, people invest heavily in assets they believe will continuously appreciate. When market instability appears, such as "precarious corporate finances, illiquid banks, and passive governments," reliable policies are implemented. These first two stages largely determine whether the economy can recover quickly.
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Economist Linda Yueh, 48. Photo: Linda Yueh's Blog |
Economist Linda Yueh, 48. Photo: Linda Yueh's Blog
According to the Vietnamese publisher, Yueh's perspective offers valuable lessons for Vietnam, "not only in macroeconomic terms but also in management thinking, market confidence, and systemic approaches to crises". As a developing economy, Vietnam can learn to "weather the storm", turning challenges into opportunities and minimizing damage.
The publisher's introduction states: "Reading 'The Great Crashes', we learn not only about economics but also about prudence and resilience in the face of crises. This is a book that everyone – from policymakers and economic experts to those in finance and investment, including general readers – should read to gain a clear and realistic view of today’s volatile economy. Ultimately, the past holds important lessons; the key is whether we are patient enough to learn from them.”
The book has received a 3.6/4-star rating on GoodReads and 4/5 stars on Amazon. One American reader commented, "This is an interesting and informative perspective that broadens the reader’s understanding of financial crises over the past century. It filled many gaps in my knowledge, showing how we continuously learn and improve our responses to such events".
Born in 1977, Linda Yueh is an adjunct professor of economics at the London Business School, a visiting professor at the IDEAS Institute of the London School of Economics and Political Science, and Peking University. She has advised the World Bank, the European Commission, the Asian Development Bank, the World Economic Forum in Davos, and other organizations. She is also a presenter and broadcaster on various BBC channels. Her other publications include "The Economy of China," "Macroeconomics," and "The Great Economists."
Phuong Thao
