First published 2016
The global economy stands at a critical juncture. Central banks rescued the financial system from the 2008 crisis and prevented economic depression, but they cannot sustain this role indefinitely. El-Erian argues that monetary policy experimentation has reached its limits. These institutions lack the tools to restore high growth or ensure lasting financial stability. Warning signs surround us: sluggish growth, rising inequality, persistent unemployment, and volatile markets. The current path leads to a fork in the road. One direction promises renewed prosperity and stability, the other threatens recession and financial chaos. El-Erian examines how central banks became the primary policy actors and explains why a handoff must occur. The future remains unwritten. Households, investors, companies, and governments face crucial decisions. Drawing from economics, finance, and behavioral science, El-Erian provides frameworks for understanding this pivotal moment and emerging stronger from economic uncertainty.
Genres: business, economics, non-fiction, 21st-century, finance, academic
Vibes: intimate, suspenseful, thought-provoking
Tropes: informed-consent
320 pages · Hardcover · Random House