8 Best Books of George Soros [Updated 2022]
George Soros is an established Hungarian-American investor who has witnessed decades of changes in the Global Economy. Before starting his hedge fund business, he commenced his career by taking various jobs in England as a Merchant banker. It was his success in this area that he further expanded his career as an author and philanthropist. Some of the best books of George Soros to read in 2022 are:
- The Alchemy of Finance ( Get this book )Soros on Soros: Staying Ahead of the Curve ( Get this book )The Crash of 2008 and What it Means: The New Paradigm for Financial Markets ( Get this book )George Soros On Globalization ( Get this book )Financial Turmoil in Europe and the United States The Age of Fallibility: Consequences of the War on Terror ( Get this book )The Tragedy of the European Union ( Get this book )The Soros Lectures: At the Central European University ( Get this book )
Let us discuss each of the George Soros books in detail and its key takeaways and reviews.
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#1 – The Alchemy of Finance
This book is regarded as one of the most influential books of George Soros on finance and economics. It is recommended for:
- Fund ManagersSerious Traders and InvestorsPolicymakersEconomistsBanking Professionals
Key Takeaways
This book clearly describes his understanding of the world and markets through the “Theory of Reflexivity” and how his decision-making skills in trading operations always have an underlying belief about the potential outcome of events. In addition, non-technical methods are used to forecast the dynamic interplay and market participants. Some of the other exciting analyses are:
- Conglomerate Boom of the 1960sREIT boomAbolition of Gold standardGold StandardThe gold standard was a monetary term used when gold exchange was used instead of paper currency.read more and its ramificationsInternational debt and the cycle of lending using the Eurodollar market
#2 – Soros on Soros: Staying Ahead of the Curve
This book by George Soros is an interview-style narrative with some of the established names in the financial world. There is a beautiful connection between Personal experiences, political analysis, and moral reflection to offer a complete picture of the global markets.
Quantum Fund describes the investment theories and strategies that have made Soros a “Superstar among money managers,” a fascinating story of the highly successful Soros Fund Management and its $12 billion flagships. The book also offers fresh insights into some of the most established victories and losses, including the $1 billion made up against the British pound and the fortune he lost while making Speculations on the Yen. There is also a take on the Devaluation of the Peso and International currency fluctuations.
#3 – The Crash of 2008 and What it Means: The New Paradigm for Financial Markets
Through his vast experience, George Soros has given a detailed description of the origin of the 2008 Financial CrisisFinancial CrisisThe term “financial crisis” refers to a situation in which the market’s key financial assets experience a sharp decline in market value over a relatively short period of time, or when leading businesses are unable to pay their enormous debt, or when financing institutions face a liquidity crunch and are unable to return money to depositors, all of which cause panic in the capital markets and among investors.read more. The theory of Reflexivity argues the actions taken by a market for marketability to understand the situation.
The book argues the importance of market regulation and the equality of information. These have been supported by a detailed history of actions for several past U.S. crashes.
The final chapters provide recommendations of what the Global financial authorities should do to rectify the crash and steps undertaken in collaboration with other hedge fund managers.
#4 – George Soros On Globalization
This book by George Soro highlights various complex issues and situations plagued by globalization and is broken down into granular levels for readers to understand more. Many institutions have failed to keep pace with the growing economy, and a new dimension is offered for bringing the economy back on track.
Key Takeaway
Soros has successfully expressed some thoughtful advice on dealing with financial aid to underdeveloped nations and conditions to be enforced by countries such as the U.S. and Great Britain and the role of the IMF and World Bank. But, the book has focussed on a capitalistic view, not a socialist one.
#5 – Financial Turmoil in Europe and the United States
This book by George Soros takes the readers on a journey of real-time economic policy work and experimentation. The current financial situation is based on more than economic forces but various policies pursued/not pursued by global leaders.
Specific to the 2008-09 financial crisis, Soros explores the domestic and international policy choices which could have prevented the implosion of Fannie MaeFannie MaeFannie Mae, i.e., Federal National Mortgage Association is a United States government-sponsored enterprise (GSE) which was founded in the year 1938 by congress to boost the secondary mortgage market during the great depression which involves financing for the mortgage lenders thereby providing access to affordable mortgage financing in all the markets at all times.read more and Freddie Mac. Some of the other highlights of this book are:
- Deploying measures to stem global contagion from the sub-prime crisisAlternative options for offering financial aid to the less developed nationsVitality on assisting the underdeveloped countriesStructural problems of the European Economic Management
#6 – The Age of Fallibility: Consequences of the War on Terror
Through this essay, Soros expresses his core views, i.e., Democracy, Human rights, and Open Society, and his differences with President George Bush, against whom he was in the 2003-04 elections.
It is insightful into human fallibility that has been destroying the legislative processes. The political fallout of this intentional path is at hand, such as Bush’s polarization of Muslim factions and how he could have held the Arab world accountable with the developed nations helping them.
While Bush’s rhetoric may have caused substantial damage, Soros sinks into quasi-conspiracy and sinister theories instead of recognizing actions for what they probably are, i.e., brutal actions based on imperfect information in an uncertain world in the aftermath of 09/11.
#7 – The Tragedy of the European Union
The European Union has collapsed massively in the last decade, and if the downslide is not stopped, the member states may soon turn rivals. It will cause global turmoil through severe political and economic consequences.
George Soros has offered vigorous commentaries on how the Euro crisis was not due to the Integration of nations but a result of avoidable mistakes in politics, economics, and finance. He also stressed that there was excessive faith in the self-regulation of financial marketsFinancial MarketsThe term “financial market” refers to the marketplace where activities such as the creation and trading of various financial assets such as bonds, stocks, commodities, currencies, and derivatives take place. It provides a platform for sellers and buyers to interact and trade at a price determined by market forces.read more, which inspired flawed institutional structures calling out various reforms.
However, Soros maintained faith in the European Union as a model of an open society, which is a testament to his vision of a productive and peaceful Europe.
#8 – The Soros Lectures: At the Central European University
This book by George Soros is a consolidation of 5 lectures that one delivered at the Central University of Budapest. The reflexivity hypothesis is laid out, giving specific examples resulting in collective, subconscious creation and reinforcement of our realities. In addition, these lectures highlight a collection of practical and philosophical reflections.
The book includes:
- The first two lectures were specific to the general theory of Reflexivity and its application to the financial markets. However, good highlights are also made to the various financial crises with his reasoning for the occurrence of such distressing situations.The third and fourth lecture offers a detailed understanding of the concept of an open society through the philanthropic views of George Soros and the potential conflicts which can arise between an open society and CapitalismAnd CapitalismCapitalism is an economic system consisting of businesses, resources, capital goods, and labour. Private entities own it, and the income is derived by the level of production of these factors. Because of the private hands, these entities can be operated efficiently and maximize their production activity also.read more.The final lecture focuses on the futuristic view, closely examining China’s increasing political and economic role in the future.
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