This has been a weekend of depression and economic uncertainty. While I (or for that matter, the entire world) had been directly and indirectly affected in many ways due to the economic slow down, I haven't read a full-fledged book on this topic. Yep, finally got to read a couple of books on this. One was by the renowned business advisor, Ram Charan titled Leadership in the era of economic uncertainty. Another by the famous NY Times OP-ED columnist, the last year's Nobel laureate, Paul Krugman - The Return of Depression Economics and the Crisis of 2008.
While both the books had the tone of what to do and not to do in times of crises, the two looked at the issue in the completely different manner. Charan looks at things at micro level - Less factual, more pin-pointed advices to leaders - More futuristic on what one should do. Krugman's treatment is fully macro, highly factual - More historic on what one should NOT have done. First one is very light and told in plain simple language for a 'Manager' (Read as a person who is intellectually deficient, one who doesn't have patience to understand the intricacies). Latter one is a bit involving, nevertheless not targeted only for economics students. Both are very interesting reads. I would suggest both of them.
One thing came out very clearly out of these 2 books. However painful, the downturn had and has been, be it for a nation, or a business, or even at a personal level, it does have its doses of lessons to be learnt. It's a period which helps identifying who you are and what you truly stand for. It's period in which one has to deeply think and prepare oneself not just to cope up with the current downturn but also to emerge stronger when things resume - The downturn needs not just mental prepared to escape it, rather the courage, the risk-taking ability, unconventionality, innovation and swiftness to emerge stronger. Last but not the least, history will repeat itself till you learn the lesson. Just that it could become harsher each time.
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