The Great Crashes

Lessons from Global Meltdowns and How to Prevent Them

Linda Yueh author


Publisher:Penguin Books Ltd

Published:18th May '23


Available for immediate dispatch.

The Great Crashes cover

'A masterclass in spotting the early signs of a crisis' Nouriel Roubini

'This is the historical perspective we need' John Kay

'A first point of entry for anybody who wants to learn how the world sleep-walked into multiple crashes' Daron Acemoglu

'Fascinating, well-written and authoritative' Tim Harford


The global economy has weathered the most tumultuous century in modern financial history.

Since the Wall Street Crash in 1929, financial meltdowns have repeatedly sent shockwaves through our world. From the currency crises of the 1980s and 1990s, to Japan's housing crash, the dot com boom and bust, the global financial meltdown, the euro crisis and the COVID pandemic, The Great Crashes tells the stories of ten of these historic events. They serve as a series of cautionary tales, each with their own set of lessons to be learnt.

With clear-eyed analysis, renowned economist Dr Linda Yueh extracts a three step framework to help recognise the early signs of a crash and mitigate the effects - all with the hope of preventing the worst mistakes of the past from being repeated in the next inevitable financial crisis. She warns about where the next one might come from and shows how her framework could contain it.

Combining her in-depth knowledge with compelling storytelling, The Great Crashes is essential reading that offers urgent lessons for the modern world.


'An important contribution that can help society anticipate and tackle potential crashes in the future' Christine Lagarde

The perfect primer on the worst economic disasters of the past 100 years * The Times *
Engrossing... [one of] the 75 best books for summer 2023 * Daily Telegraph *
Linda Yueh's new book [is] almost alarmingly timely, as if she were tanking the global economy as the mother of all guerrilla marketing stunts * Guardian *
Best new books on economics: An important book to keep us all on our toes when complacency starts to creep in, again * Financial Times *
Cogent analysis * Times Literary Supplement *
Linda Yueh's analysis of what past financial crises have in common is an important contribution that can help society anticipate and tackle potential crashes in the future -- Christine Lagarde * President of the European Central Bank and former Managing Director of the International Monetary Fund, 2011-2019 *
Fascinating, well-written and authoritative * Tim Harford *
A first point of entry for anybody who wants to learn how the world economy sleep-walked into multiple crashes over the last century -- Daron Acemoglu * Institute Professor at MIT, and author of Why Nations Fail *
An accessible and insightful overview of modern financial crises, incorporating both historical detail and thoughtful analysis -- Kenneth Rogoff * Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University, and former Chief Economist of the International Monetary Fund *
Lindaprovides many with a very readable summary of all the great crises, but also more importantly derives the big lessons and how to have a better policy frameworkto avoid getting caught up in too much " this time it is different" when the next big risks appear -- Lord Jim O'Neill * Author of The Growth Map and former Chairman of Goldman Sachs Asset Management *
A masterclass in spotting the early signs of a crisis. Linda Yueh expertly shows how we can understand these crashes better when they occur and even prevent them from happening in the future. A accessible yet rich study of our most turbulent economic years -- Nouriel Roubini * author of Megathreats *
This well-written book draws out the many different ways in which markets can crash and she's willing to chance her arm predicting the next one -- Sir Vince Cable * author of How to be a Politician and former UK Secretary of State for Business, Energy and Industrial Strategy, 2010-2015 *
A timely and instructive book on the big financial and economic crashes. It comes in the midst of a global polycrisis that threatens the economic and social well being of all especially the World's poorest citizens. Linda Yueh makes a heroic effort to tease out lessons fundamental to managing future crises. The question is: Will we learn? -- Dr Ngozi Okonjo-Iweala * Director-General of the World Trade Organization (WTO) and former Finance Minister of Nigeria, 2003-2006 and 2011-2015 *
Troubled times call for a historical perspective and this is the historical perspective we need -- John Kay * author of Radical Uncertainty and former member of the Independent Commission on Banking of the UK Government, 2010-2011 *
Demonstrates how that old saying - "this time is different" - is both so true and so wrong! -- Lord Stephen Green * former CEO and Chairman of HSBC and UK Minister of State for Trade and Investment, 2011-2013 *
Crashes are an integral part of the history of capitalism. The last century has seen plenty of them. All crashes begin with debt-fuelled euphoria and end in disappointment. Yet how bad that disappointment turns out to be also depends on where in the economy the crash falls and how determined and credible are the responses. In this lively and blessedly brief book, Linda Yueh does a lovely job of explaining the history and drawing the necessary lessons -- Martin Wolf * Chief Economics Commentator, Financial Times *
This excellent overview identifies the ingredients that are specific to each crisis and common to all. She provides a lucid assessment of the efficacy of policy responses, high-lighting credibility as a necessary condition for successful resolution -- Lord Nick McPherson, * former Permanent Secretary of the UK Treasury, 2005-2016, and Chairman of C. Hoare & Co. *

"Why did nobody notice?" Was the question the Queen asked about the 2008 financial crisis. It was a good question. All financial crises and crashes have their own characteristics but they also often involve certain common features:- Irrational exuberance, Speculative frenzy, Greed and over confidence usually supported by high levels of gearing.

Linda Yueh's new book will be a timely reminder to governments and regulators of the warning signs of future crises

-- Lord Norman Lamont * former Chancellor of the Exchequer, 1990-1993 *
Timely, entertaining and full of useful insights -- Gideon Rachman * Chief Foreign Affairs Commentator, Financial Times *
Renowned economist Dr Linda Yueh looks at past financial crashes - from the Wall Street Crash to the dot com boom and bust and the Covid pandemic - to explore what we can learn from them in this entertainingly written book. * i, Best New Books in May *
Entertaining, well-written . . . [Yueh] has come up with a three-step framework to help spot when financial problems are brewing and identifies where the next may occur. -- Ben Wright * Telegraph *
A gifted writer (een begenadigd schrijver) * De Telegraaf *

ISBN: 9780241422755

Dimensions: 238mm x 164mm x 26mm

Weight: 440g

256 pages