Hu Shuli

Ever since the recent global financial crisis broke out, experts and officials have taken great pains to identify the causes, hoping to avoid similar crises in the future. Now, as the global economy gradually recovers, comes Sheng's clear and complete analysis of the recent crisis and the Asian financial crisis of the 1990s. In his view, unfettered finance was the core cause of these crises.

But the real picture is far more complex. In reality, governments tend to overregulate and underregulate the financial sector at the same time. This is especially true in Asia, a fact that Sheng implicitly admits.