GLOBAL CRISIS, RECESSION AND UNEVEN RECOVERY

The worst of the economic crisis has passed and the global financial system is picking through the wreckage of its reckless ambition. Recovery has started at different paces in different places, but it promises everywhere to be prolonged and uneven. What has the world learnt from the most severe financial setback it has suffered in three generations? What must it unlearn to ensure that it does not rush into an encore? And what must India do to work towards ending the systemic distortions in global finance and crippling economic inequities at home? As Governor of the Reserve Bank of India between 2003 and 2008, Dr Y. V. Reddy stayed the course of financial pragmatism in times of relentless deregulation. Through visionary leadership, finely calibrated financial management and a prescient reading of global economic indicators, he ensured India largely escaped the fate that befell the worst affected of the worlds economies. In 2009, Dr Reddy told the story of, an account of his five years at the helm of the RBI at a time of multiple challenges for the Indian economy. This new book is a sequel to last years bestselling work. It provides a thinker and experienced policymakers understanding of the genesis, anatomy and impact of the financial crisis and of the lessons it offered. It contains perspective and analysis that Dr Reddy has not published before, presented in lucid style and non-technical language. This is a looking-ahead book for India and the world, from an oracle who has already demonstrated how clearly he sees the future.