Their mistakes would ultimately lead to the worst economic crisis that modern civilization has seen to date.Īhamed wrote Lords of Finance based upon research he did as an investment manager. Liaquat Ahamed writes a blend of economic history and biography that follows the trajectories of Benjamin Strong, Montagu Norman, Émile Moreau, and Hjalmar Schacht – the central bankers of the United States, Great Britain, France, and Germany, respectively.Īhamed depicts the bankers as brilliant men who make mistakes in economic policy due to their own hubris, pride, and uncertainty in an era where economic policy was driven less by knowledge and data, and more by intuition and power. Lords of Finance is a Pulitzer Prize-winning history of four central bankers who opened the gates to the Great Depression through a flurry of misguided and disastrous policies following the First World War. …in this book I maintain that the Great Depression was not some act of God or the result of some deep-rooted contradictions of capitalism but the direct result of a series of misjudgments by economic policy makers, some made back in the 1920s, others after the first crises set in – by any measure the most dramatic sequence of collective blunders ever made by financial officials.
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