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New York, 27 October 2010: Raghuram G. Rajan today won the Financial Times and Goldman Sachs Business Book of the Year Award 2010 (www.ft.com/bookaward) for Fault Lines: How Hidden Fractures Still Threaten the World Economy, published by Princeton University Press, which analyses the flaws in the economy that led 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 (approximately $47,300 US). 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 (approximately $15,700 US), 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:
Vartan Gregorian said: “This is an era in which business and economics have taken center stage on both the national and international scene in ways that have substantially impacted the lives of men and women everywhere. But with courage, determination and conviction, the business press, authors and publishers across different media platforms have stepped up to the plate and made it a priority to better analyze and understand world markets and national business trends as well as to identify what has gone wrong and what can – and must – be put right in terms of getting the nation’s financial house in order once again.”
Photographs of Raghuram Rajan and shortlisted authors, keynote speaker Vartan Gregorian, the judges and the award ceremony will be available to download from http://www.flickr.com/photos/financialtimes/ and upon request.
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Notes to editors:
The closing date for entries for The Financial Times and Goldman Sachs Business Book of the Year Award 2010, invited from publishers or bona fide imprints based in any country, was June 30, 2010. Entries were invited from publishers of business books in the English language first published between 31st October 2009 and 15th November 2010. The judges reserved the right to call in titles additional to the published list. Details of the Terms and Conditions are available from www.ft.com/bookaward.
Previous winners of the Award are: Liaquat Ahamed for ‘The Lords of Finance’ (2009); Mohamed El-Erian for ‘When Markets Collide’ (2008); William D. Cohan for ‘The Last Tycoons’ (2007); James Kynge for ‘China Shakes the World’ (2006); and Thomas Friedman as the inaugural Award winner in 2005.
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