Among the recently published books in economics one title deserves further attention. This is Henry Kaufman’s Tectonic Shifts in Financial Markets.
Dr. Kaufman is a living legend. He worked in the commercial bank sector and later as an economist at the Federal Reserve Bank of New York. After this stage of his life, he spent 26 years at Salomon Brothers as a top leader. He also worked as a director of Lehman Brothers Holdings Inc. and as chairman of the Lehman board’s finance and risk committee.
In 1982, Henry Kaufman received an honorary Doctor of Laws degree from New York University; some years later an honorary Doctor of Humane Letters degree from Yeshiva University (1986), and one from Trinity College in 2005.
In 2001, the National Association of Business Economics conferred on him its prestigious Adam Smith Award
In his recent publication Dr. Kaufman gives a comprehensive picture on the catastrophic meltdown that led to the great financial crisis in 2008. The explicit and well-elaborated historical context is one of the main advantages of the book: the author brings his readers back to post-war Wall Street. From this far end of the story he reaches the other end-point, going over major national and global trends and the future of credit markets, financial institutions, and leading economies. His main conclusion is alarming: in his view, our financial world is still overheated and fragile.
Even as far as the title and the subtitle are considered, this book seems to a must to both mainstream and institutionalist audience.