This devastating and inspiring book, by one of the world's leading economic thinkers, lays out not only the course of the financial crisis which began in 2007, but also its underlying causes, and shows why much more radical reforms are needed than are currently being contemplated if we are to avoid similar 'systemic' crises in the future. Frefall shows why the bailout has been only marginally effective and how it could have been much more so, and outlines the enormous opportunity - not yet taken - to design a new global financial architecture. It is highly critical of many of the actions not only of George Bush's administration, but also of Barack Obama's. It shows why the bulk of the cost of recovery should be borne by those in the financial sector - not just for reasons of natural justice, but for compelling economic reasons also. More than any of this, it reminds readers to think constantly about what economics are for. Out of the crisis of our times, Joseph Stiglitz has crafted a tract which goes to the heart of economics and will be read long after the immediate impact of these mismanaged years has passed.