Book Bits: 18 December 2021

Remembering and Learning from Financial Crises
Edited by Youssef Cassis and Catherine R. Schenk
Summary via publisher (Oxford U. Press)
The chapters in this book reflect on people’s relationships with past financial crises – from public opinion to business leaders and policy makers. In connection with financial crises, Remembering and Learning from Financial Crises addresses three fundamental questions: first, are financial crises remembered, and if so how? Second, have lessons been drawn from past financial crises? And third, have past experiences been used in order to make practical decisions when confronted with a new crisis? These questions are of course related, yet they have been approached from different historical perspectives, using methodologies borrowed from different academic disciplines. One of the objectives of this book is to explore how these approaches can complement each other in order to better understand the relationships between remembering and learning from financial crises and how the past is used by financial institutions.

Doing AI: A Business-Centric Examination of AI Culture, Goals, and Values
Richard Heimann
Summary via distributor (Penguin Random House)
Artificial intelligence (AI) has captured our imaginations—and become a distraction. Too many leaders embrace the oversized narratives of artificial minds outpacing human intelligence and lose sight of the original problems they were meant to solve. When businesses try to “do AI,” they place an abstract solution before problems and customers without fully considering whether it is wise, whether the hype is true, or how AI will impact their organization in the long term. Often absent is sound reasoning for why they should go down this path in the first place.

How Novelty and Narratives Drive the Stock Market: Black Swans, Animal Spirits and Scapegoats
Nicholas Mangee
Summary via publisher (Cambridge U. Press)
‘Animal spirits’ is a term that describes the instincts and emotions driving human behaviour in economic settings. In recent years, this concept has been discussed in relation to the emerging field of narrative economics. When unscheduled events hit the stock market, from corporate scandals and technological breakthroughs to recessions and pandemics, relationships driving returns change in unforeseeable ways. To deal with uncertainty, investors engage in narratives which simplify the complexity of real-time, non-routine change. This book assesses the novelty-narrative hypothesis for the U.S. stock market by conducting a comprehensive investigation of unscheduled events using big data textual analysis of financial news. This important contribution to the field of narrative economics finds that major macro events and associated narratives spill over into the churning stream of corporate novelty and sub-narratives, spawning different forms of unforeseeable stock market instability.

Recovery: How We Can Create a Better, Brighter Future after a Crisis
Andrew Wear
Summary via publisher (Black Inc)
Humanity has recovered from many crises in the past: war, depression, pandemic, natural disaster. Often, we’ve bounced back to create a better future. The Spanish flu was followed by the economic prosperity of the Roaring Twenties. After World War II, the German economy grew to become the world’s most advanced. US social and economic policies responding to the Great Depression paved the way for twentieth-century prosperity. As we emerge from the COVID-19 health and economic crisis, what can we learn from other recoveries? Through interviews with experts, policymakers and community leaders, Andrew Wear examines past recoveries, exploring what went well, what we should do differently and what the lessons might be for the recovery ahead of us.

Uneven Justice: The Plot to Sink Galleon
Raj Rajaratnam
News story about book’s release via NY Post
Raj Rajaratnam, the former hedge fund manager who got slapped with a record 11-year prison sentence in 2011 for insider trading, is publishing a tell-all book about his epic fall from grace.
“Uneven Justice: The Plot to Sink Galleon” will recount Rajaratnam’s rise to Wall Street prominence as the founder of Galleon Group, which at one time managed $7 billion in assets and employed about 180.

Cryptocurrencies: Money, Trust and Regulation
Oonagh McDonald
Summary via publisher (Columbia U. Press)
The advent of new digital currencies has challenged our notions about money, its function and purpose and our faith in the financial and banking structures that underpin its legitimacy. Oonagh McDonald examines the challenges, opportunities and threats that cryptocurrencies pose to existing fiat currencies and their potential to change how global finance operates.

Please note that the links to books above are affiliate links with and James Picerno (a.k.a. The Capital Spectator) earns money if you buy one of the titles listed. You will not pay extra for a book even though it generates revenue for The Capital Spectator. By purchasing books through this site, you provide support for The Capital Spectator’s free content. Thank you!