Fault Lines: How Hidden Fractures Still Threaten the World Economy Raghuram Rajan

Fault Lines: How Hidden Fractures Still Threaten the World Economy Raghuram Rajan Monday, June 14, 2010 | 4:30 p.m. - 6:00 p.m. Milken Institute 1250 Fourth Street Santa Monica Map Video of this Forum will be available on the Milken Institute's website shortly after the event ends. In 2005, Raghuram Rajan was one of the first to publicly predict that a global financial crisis was brewing. Now he is focused on preventing the next one. At a Milken Institute Forum, this leading economic thinker will discuss his new book, Fault Lines: How Hidden Fractures Still Threaten the World Economy, in which he makes his case for what caused the financial crisis and lays out what he sees as the next steps. The winner of the Fischer Black Prize for the economist under 40 who has made the most significant contributions to the theory and practice of finance, Rajan faults the financial sector and regulators - but also the social inequalities that caused politicians to foster an explosion of credit, as well as the export-driven countries that count on foreign consumers to overspend. Incentives to take on risk were out of step with the dangers they posed. Instead of heavy regulation, Rajan says, the incentives for Wall Street need to change so that punishments for losing money are in line with rewards for earning it. The co-author of Saving Capitalism from the Capitalists, Rajan is a professor of finance at the University of Chicago's Booth School of Business and former chief economist at the International Monetary Fund. Rajan is also an economic adviser to the prime minister of India. Fault Lines will be for sale at the forum, and Rajan will sign copies.

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