Liaquat Ahamed – författare

***LONGLISTED FOR THE FT BUSINESS BOOK OF THE YEAR AWARD 2026***‘The book to read right now [is 1873] . . . All of us are reading this' – Satya Nadella, CEO of Microsoft, The TimesFrom the author of the Pulitzer Prize-winning Lords of Finance comes a brilliant account of the earliest truly global financial calamity.On Friday, 9 May 1873 the Vienna stock market collapsed. Four months later Wall Street was in trouble. Elsewhere, as panic selling spread across financial markets, some countries defaulted on their debts, while the Bank of England was forced to raise its rates to their highest level in a century. It was the first global crash in history. And it was to have calamitous consequences.In his powerful new book, the author of the Pulitzer Prize-winning Lords of Finance tells the epic story of that crash and explores its economic and human costs. He describes how the growth of the international bond market in the 1850s and 60s funded a frenzy of speculation in railways, construction and nation-building. He examines those who became swept up in the boom, from leading bankers like the Rothschild dynasty to national leaders both visionary and venal, to rogues and chancers like the shameless Jay Gould, to such sceptical onlookers as Mark Twain and Karl Marx. He then traces how, in the subsequent panic, investors were left with catastrophic losses, while governments on both sides of the Atlantic rushed misguidedly to reorder the world’s financial system.As he shows, the blunders made as the crisis unfolded set the stage for twenty years of deflation, and a punitive legacy of aggrieved populism that infected every part of the globe. Amid the crash’s many aftershocks, the US abandoned Reconstruction, European powers staged an economic takeover of the heavily indebted Ottoman Empire, and the principle of international free trade came under pressure. Meanwhile there was a revival of antisemitic movements in Europe that blamed ‘Jewish finance’ for the disaster.A brilliant evocation of a key turning point in world history, 1873 is also a masterly examination of the unforeseen political and social consequences of financial misjudgements.

OUT NOW from the author of the Pulitzer Prize-winning Lords of Finance comes a brilliant account of the earliest truly global financial calamity: 1873: THE FIRST GREAT DEPRESSION AND THE MAKING OF THE MODERN WORLD, longlisted for the FT Business Book of the Year Award.------------THIS HAS HAPPENED BEFORE.The current financial crisis has only one parallel: the Wall Street Crash of 1929 and subsequent Great Depression of the 1930s, which crippled the future of an entire generation and set the stage for the horrors of the Second World War. Yet the economic meltdown could have been avoided, had it not been for the decisions taken by a small number of central bankers.In Lords of Finance, we meet these men, the four bankers who truly broke the world: the enigmatic Norman Montaguof the bank of England, Benjamin Strong of the NY Federal Reserve, the arrogant yet brilliant Hjalmar Schacht of the Reichsbanlk and the xenophobic Emile Moreau of the Banque de France. Their names were lost to history, their lives and actions forgotten, until now. Liaquat Ahamed tells their story in vivid and gripping detail, in a timely and arresting reminder that individuals - their ambitions, limitations and human nature - lie at the very heart of global catastrophe.

In spite of the attention paid exchange rates in recent economic debates on developing countries, relatively few studies have systematically analyzed in detail the various ramifications of exchange rate policy in these countries. In this new volume from the National Bureau of Economic Research, leading economists use rigorous models to tackle various exchange rate issues, while also illuminating policy implications that emerge from their analyses. The volume, divided into four main sections, addresses: the role of exchange rates in stabilization programs and the adjustment process; the importance of exchange rate policy during liberalization reform in developing countries; exchange rate problems relevant and unique to developing countries, illustrated by case studies; and the problems defining, measuring, and identifying determinants of real exchange rates. Authors of individual papers examine the relation between commercial policies and exchange rates, the role of exchange rate policy in stabilization programs, the effectiveness of devaluations as a policy tool, and the interaction between exchange rate terms of trade an capital flow. This research will not only prove crucial to our understanding of the role of exchange rates in developing countries, but will clearly set the standard for future work in the field.

THIS HAS HAPPENED BEFORE.The current financial crisis has only one parallel: the Wall Street Crash of 1929 and subsequent Great Depression of the 1930s, which crippled the future of an entire generation and set the stage for the horrors of the Second World War. Yet the economic meltdown could have been avoided, had it not been for the decisions taken by a small number of central bankers.In Lords of Finance, we meet these men, the four bankers who truly broke the world: the enigmatic Norman Montagu of the bank of England, Benjamin Strong of the NY Federal Reserve, the arrogant yet brilliant Hjalmar Schacht of the Reichsbanlk and the xenophobic Emile Moreau of the Banque de France. Their names were lost to history, their lives and actions forgotten, until now. Liaquat Ahamed tells their story in vivid and gripping detail, in a timely and arresting reminder that individuals - their ambitions, limitations and human nature - lie at the very heart of global catastrophe.

Brought to you by Penguin. THIS HAS HAPPENED BEFORE.The current financial crisis has only one parallel: the Wall Street Crash of 1929 and subsequent Great Depression of the 1930s, which crippled the future of an entire generation and set the stage for the horrors of the Second World War. Yet the economic meltdown could have been avoided, had it not been for the decisions taken by a small number of central bankers.In Lords of Finance, we meet these men, the four bankers who truly broke the world: the enigmatic Norman Montaguof the bank of England, Benjamin Strong of the NY Federal Reserve, the arrogant yet brilliant Hjalmar Schacht of the Reichsbanlk and the xenophobic Emile Moreau of the Banque de France. Their names were lost to history, their lives and actions forgotten, until now. Liaquat Ahamed tells their story in vivid and gripping detail, in a timely and arresting reminder that individuals - their ambitions, limitations and human nature - lie at the very heart of global catastrophe.(c) Liaquat Ahamed 2009 (P) Penguin Audio 2026

***LONGLISTED FOR THE FT BUSINESS BOOK OF THE YEAR AWARD 2026***From the author of the Pulitzer Prize-winning Lords of Finance comes a brilliant account of the earliest truly global financial calamity.On Friday, 9 May 1873 the Vienna stock market collapsed. Four months later Wall Street was in trouble. Elsewhere, as panic selling spread across financial markets, some countries defaulted on their debts, while the Bank of England was forced to raise its rates to their highest level in a century. It was the first global crash in history. And it was to have calamitous consequences.In his powerful new book, the author of the Pulitzer Prize-winning Lords of Finance tells the epic story of that crash and explores its economic and human costs. He describes how the growth of the international bond market in the 1850s and 60s funded a frenzy of speculation in railways, construction and nation-building. He examines those who became swept up in the boom, from leading bankers like the Rothschild dynasty to national leaders both visionary and venal, to rogues and chancers like the shameless Jay Gould, to such sceptical onlookers as Mark Twain and Karl Marx. He then traces how, in the subsequent panic, investors were left with catastrophic losses, while governments on both sides of the Atlantic rushed misguidedly to reorder the world’s financial system.As he shows, the blunders made as the crisis unfolded set the stage for twenty years of deflation, and a punitive legacy of aggrieved populism that infected every part of the globe. Amid the crash’s many aftershocks, the US abandoned Reconstruction, European powers staged an economic takeover of the heavily indebted Ottoman Empire, and the principle of international free trade came under pressure. Meanwhile there was a revival of antisemitic movements in Europe that blamed ‘Jewish finance’ for the disaster.A brilliant evocation of a key turning point in world history, 1873 is also a masterly examination of the unforeseen political and social consequences of financial misjudgements.

***LONGLISTED FOR THE FT BUSINESS BOOK OF THE YEAR AWARD 2026***‘The book to read right now [is 1873] . . . All of us are reading this' – Satya Nadella, CEO of Microsoft, The TimesFrom the author of the Pulitzer Prize-winning Lords of Finance comes a brilliant account of the earliest truly global financial calamity.On Friday, 9 May 1873 the Vienna stock market collapsed. Four months later Wall Street was in trouble. Elsewhere, as panic selling spread across financial markets, some countries defaulted on their debts, while the Bank of England was forced to raise its rates to their highest level in a century. It was the first global crash in history. And it was to have calamitous consequences.In his powerful new book, the author of the Pulitzer Prize-winning Lords of Finance tells the epic story of that crash and explores its economic and human costs. He describes how the growth of the international bond market in the 1850s and 60s funded a frenzy of speculation in railways, construction and nation-building. He examines those who became swept up in the boom, from leading bankers like the Rothschild dynasty to national leaders both visionary and venal, to rogues and chancers like the shameless Jay Gould, to such sceptical onlookers as Mark Twain and Karl Marx. He then traces how, in the subsequent panic, investors were left with catastrophic losses, while governments on both sides of the Atlantic rushed misguidedly to reorder the world’s financial system.As he shows, the blunders made as the crisis unfolded set the stage for twenty years of deflation, and a punitive legacy of aggrieved populism that infected every part of the globe. Amid the crash’s many aftershocks, the US abandoned Reconstruction, European powers staged an economic takeover of the heavily indebted Ottoman Empire, and the principle of international free trade came under pressure. Meanwhile there was a revival of antisemitic movements in Europe that blamed ‘Jewish finance’ for the disaster.A brilliant evocation of a key turning point in world history, 1873 is also a masterly examination of the unforeseen political and social consequences of financial misjudgements.

In spite of the attention paid exchange rates in recent economic debates on developing countries, relatively few studies have systematically analyzed in detail the various ramifications of exchange rate policy in these countries. In this new volume from the National Bureau of Economic Research, leading economists use rigorous models to tackle various exchange rate issues, while also illuminating policy implications that emerge from their analyses. The volume, divided into four main sections, addresses: the role of exchange rates in stabilization programs and the adjustment process; the importance of exchange rate policy during liberalization reform in developing countries; exchange rate problems relevant and unique to developing countries, illustrated by case studies; and the problems defining, measuring, and identifying determinants of real exchange rates. Authors of individual papers examine the relation between commercial policies and exchange rates, the role of exchange rate policy in stabilization programs, the effectiveness of devaluations as a policy tool, and the interaction between exchange rate terms of trade an capital flow. This research will not only prove crucial to our understanding of the role of exchange rates in developing countries, but will clearly set the standard for future work in the field.