Over the last thirty years, capital markets have been restructured through the tenets of modern finance. This has been enormously profitable for the financial services sector. However, these innovations, coupled with unsound risk and regulatory practices have proved disastrous for the global economy. In a clear and accessible style, Kevin Dowd and Martin Hutchinson show how modern finance combined with easy money threatened to bring down the world financial system. At the heart of the book is modern finance as a US invention, the theories and practices associated with them, and the changes they made in business models and risk management on Wall Street and other major financial centres.



Alchemists of Loss will help you to understand how our financial system crashed and show you what it will take to make sure this won't happen again as we move forward.



Kevin Dowd is a former academic and policy economist who has written extensively on the areas of monetary, financial and macro-economics, political economy and financial risk management. Professor Dowd’s books include Competition and Finance: a New Interpretation of Financial and Monetary Economics (Macmillan, 1996), Money and the Market: Essays on Free Banking (Routledge, 2000) and Measuring Market Risk (Wiley, 2005). He has affiliations with the Cato Institute (Washington), The Cobden Centre (London), Institute of Economic Affairs (London), Independent Institute (Oakland), Istituto Bruno Leoni (Milan), Pensions Institute (London) and The TaxPayers’ Alliance (London).



Martin Hutchinson was a merchant/investment banker with more than 25 years’ experience in London, New York and Zagreb. In 2000 he moved into journalism, beginning his weekly column “The Bear’s Lair”. He is currently a columnist for Reuters BreakingViews, writes for Agora Publishing’s financial website Money Morning and is editor of the Permanent Wealth Report. He has appeared on BBC, Fox News, Fox Business, CNBC and RTV Slovenija. He is also the author of Great Conservatives (Academica Press, 2004).



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