Cover image for Boom and bust
Title:
Boom and bust
Author:
Wood, Christopher, 1957-
Personal Author:
Edition:
First American edition.
Publication Information:
New York : Atheneum, 1989.
Physical Description:
xxi, 197 pages ; 24 cm
General Note:
Includes index.
Language:
English
ISBN:
9780689120701
Format :
Book

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HB3716 .W73 1989 Adult Non-Fiction Central Closed Stacks
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Reviews 3

Booklist Review

Wood analyzes the current and future state of the world economy using the theoretical notion that economic events are cyclical. The idea that boom follows bust follows boom at predictable intervals is itself periodically popular. Most of the literature on business cycles usually cites R.20N. Elliot's and Nicolai Kondratieff's wave theories. Wood brings this arcane material to life and provides us with his own detailed observations from his vantage point as Wall Street correspondent for The Economist. He concentrates on New York, London, and Tokyo but began his book well before the October 1987 market crash. That event only reinforced his belief in an impending bust, and he argues that the worst is yet to come. He points to massive Third World debt and failing U.S. banking and savings institutions as omens. While many will doubtless challenge Wood's assumptions, his book is knowledgeably written and makes for provocative reading. Index. --David Rouse


Library Journal Review

Here's another gloom-and-doom book--along the lines of Ravi Batra's The Great Depression of 1990 ( LJ 6/15/87) and James Dale Davidson's Blood in the Streets ( LJ 5/1/87)--that predicts a repeat market crash. Wood, financial correspondent for The Economist , says that the voluminous debt incurred by individuals, corporations, and the nation soon will cause an economic downturn. Wood says policy makers only seem to respond to economic problems during times of inflation, when the real time to worry is during a deflationary spiral. In lay language, the author outlines his forecasts and advice in the context of the globalized financial and securities markets. Recommended for academic and public libraries, as well as for serious investors.-- M. Balachandran, Univ. of Illinois Lib., Urbana-Champaign (c) Copyright 2010. Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.


Choice Review

An overview of the world's financial markets and their likely evolution in the near future. Perhaps because the author is a journalist rather than an academic, the pace of the book is quick and the reader is rapidly transported from New York to London to Tokyo. Though this technique may be effective in retaining the reader's interest, it tends to make the author's analysis shallow. Wood jumps from East to West, from exchange to exchange without any substantive examination of underlying economic factors. The book's basic premise is that a major financial contraction is inevitable following the frenzy and glamour of the 1980s. Wood is correct in documenting many of the problems presently facing global markets, e.g., the near bankruptcy of the American S&L industry, billions in unpaid Third World debt, a destabilizing Japanese trade surplus. Whether these events are sufficient to trigger a worldwide depression, however, is unclear. His discussion of wave theories and business cycles to further justify such a projection is also unconvincing. Wood is probably correct in commenting that during a depression cash and highly liquid assets are the best investments. Unfortunately his development of this promising topic is superficial. The truly interesting aspect of this doom-and-gloom book is the historical and operational survey the author provides of the world's major money centers. Not a high priority for academic collections. -S. P. Ferris, Virginia Polytechnic Institute and State University