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Realeconomik: The Hidden Cause of the Great Recession (And How to Avert the Next One)

An internationally respected free-market economist makes a powerful case that without a commitment to established social principles in business and politics, a stable global economy will be impossible to achieve

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This book directly confronts uncomfortable questions that many prefer to brush aside: if economists and other scholars, politicians, and business professionals understand the causes of economic crises, as they claim, then why do such damaging crises continue to occur? Can we trust business and intellectual elites who advocate the principles of Realpolitik and claim the «public good» as their priority, yet consistently favor maximization of profit over ethical issues?

Former deputy prime minister of Russia Grigory Yavlinsky, an internationally respected free-market economist, makes a powerful case that the often-cited causes of global economic instability—institutional failings, wrong decisions by regulators, insufficient or incorrect information, and the like—are only secondary to a far more significant underlying cause: the failure to understand that universal social norms are essential to thriving businesses and social and economic progress. Yavlinsky explores the widespread disregard for moral values in business decisions and calls for restoration of principled behavior in politics and economic practices. The unwelcome alternative, he warns, will be a twenty-first-century global economy in the grip of unending crises.

Grigory Yavlinsky’s book is an important contribution to understanding the interplay between social norms and modern economy. The current global crisis makes his analysis especially relevant.

— George Soros
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2019 2011 2000 1996 1994 1991
2019 The Putin System 2011 Realeconomik: The Hidden Cause of the Great Recession (And How to Avert the Next One) 2000 Incentives and Institutions 1996 Das neue Rußland. Demokratische Reformen als letzte Chance 1994 The Inefficiency of Laissez-Faire in Russia: Hysteresis Effects and the Need for Policy-Led Transformation 1991 Window of Opportunity: The Grand Bargain for Democracy in the Soviet Union 1991 500 Tage zur Marktwirtschaft. Die Pläne der Reform-Ökonomen 1991 500 Days: Transition to Market
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The Putin System

A new book
by Grigory Yavlinsky
Columbia University Press, 2019