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In 2005, Rajan presented a paper which expressed concerns over the international financial situation which was becoming increasingly risky. At that time, his ideas were categorically dismissed for being misguided. However, in less than three years, the US financial crisis came about which confirmed Rajanï¿½s views, reinstating his prescience on world economics. In Fault Lines, Rajan reviews the ongoing developments in the world of finance and pinpoints problems that have persisted even after the meltdown.
Rajan states that in the present day economic structure, which is more integrated than ever before, the decisions of one institution would not only affect its own future but also the future of the entire economy. However, these fault lines are not a consequence of economics alone, they are in fact, driven more by politics. In this book, Rajan has tried to identify specific policy choices that world leaders need to make in order to avert future crises of such magnitude.
He retraces the roots of the crisis back to early 90s in the hope of understanding when and where various policies failed. In this, he focuses on leading world economies that had a major role to play in the build-up to the financial meltdown. He brings out their internal political pressures, their trade imbalances, and the resulting effects on international financial institutions.
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