27th October 2010

Raghuram G. Rajan has won the Financial Times and Goldman Sachs Business Book of the Year Award 2010 for 'Fault Lines: How Hidden Fractures Still Threaten the World Economy', published by Princeton University Press, which analyses the flaws in the economy that lead to the current financial crisis, and warns of changes essential for economic recovery. The Award was presented today at a dinner in New York by Lionel Barber, Editor, Financial Times, and Lloyd C. Blankfein, Chairman and Chief Executive Officer, Goldman Sachs. The keynote speaker was Vartan Gregorian, President of the Carnegie Corporation of New York.

Rajan saw off strong competition to win the £30,000 prize. The Award, which was established in 2005, aims to find the book that provides ‘the most compelling and enjoyable insight into modern business issues.’ Each of the five runners-up received a cheque for £10,000, an increase of £5,000 over previous years, and can expect heightened interest in their influential books.

Lionel Barber said of the winning title: “Fault Lines is a comprehensive analysis of what went wrong, but it is also only the beginning of the conversation. Rajan offers insights into how to correct the flaws in financial capitalism and illuminates difficult choices in public policy. It is a serious and sober book, but in these times sobriety is a virtue.”

“Raghuram Rajan has written a profound, compelling book,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer of The Goldman Sachs Group, Inc. “His analysis of what went wrong, and what needs to be done to address the structural flaws that caused the financial crisis, should be essential reading for policy makers and practitioners alike.”

The judging panel for the 2010 Award was:
• Lionel Barber, Editor, Financial Times
• Liaquat Ahamed, Author
• Helen Alexander, President, CBI
• Lynda Gratton, Professor of Management Practice, London Business School
• Mario Monti, President, Bocconi University, Honorary President of Bruegel
• Jorma Ollila, Chairman, Nokia; Chairman, Royal Dutch Shell plc
• Shriti Vadera, Adviser to the G20 Presidency, Korea

Fault Lines: How Hidden Fractures Still Threaten the World Economy
	by Raghuram Rajan Published in Hardback (15 June 2010) Publisher: Princeton University Press 272 pages Language English ISBN-10: 0691146837 Guide Price: £18.95 Click here to buy this book today!
Raghuram Rajan was one of the few economists who warned of the global financial crisis before it hit. Now, as the world struggles to recover, it's tempting to blame what happened on just a few greedy bankers who took irrational risks and left the rest of us to foot the bill. In "Fault Lines", Rajan argues that serious flaws in the economy are also to blame, and warns that a potentially more devastating crisis awaits us if they aren't fixed. Click here to read more...