An intelligible and generally absorbing rundown on how one of the world's best known but least understood financial institutions came to possibly terminal grief. In telling what he stresses is a story whose conclusion may not be known for some years, Economist correspondent Raphael makes a fine job of recounting how the underwriting collective known as Lloyd's of London became a major force in international insurance markets. He goes on to delineate the crucial role played by so- called Namesindividuals who put up capital in hopes of realizing handsome, tax-sheltered returns and assume unlimited personal liability for losses incurred by their syndicates. The author also inventories the financial wreckage left in the wake of epic storms (Andrew, Betsy, Hugo, et al.) and such man-made disasters as fire aboard an offshore oil rig. Withal, nothing prepared Names or their brokers for the havoc wreaked by obligations resulting from asbestosis and pollution-abatement claims in the US. These multibillion-dollar liabilities bankrupted hundreds of once affluent individuals. While the resultant litigation exposed a wealth of sleazy deficiencies at Lloyd's (inadequate or nonexistent disclosure of risks, overly venturesome underwriting, lack of accountability, self-dealing, and in some cases outright fraud), Crown courts have done precious little to provide surcease for Names whose lives are in ruins. Nor, despite a belated effort to professionalize a freewheeling enterprise based on trust or at least confidence, is there any assurance that Lloyd's can survive in anything like its present form. In chronicling the unresolved juridical conflicts between those with nothing left to lose and an institution whose blunders have made it an embarrassment to the UK establishment, Raphael offers more detail than may suit the taste of North American readers. On the whole, however, he provides a clear briefing on a financial fiasco whose consequences could prove earthshaking for insurers and insured alike. (12-page photo insert)
Pub Date: Sept. 15, 1995
ISBN: 1-56858-056-8
Page Count: 320
Publisher: N/A
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: July 15, 1995
A moving meditation on mortality by a gifted writer whose dual perspectives of physician and patient provide a singular...
A neurosurgeon with a passion for literature tragically finds his perfect subject after his diagnosis of terminal lung cancer.
Writing isn’t brain surgery, but it’s rare when someone adept at the latter is also so accomplished at the former. Searching for meaning and purpose in his life, Kalanithi pursued a doctorate in literature and had felt certain that he wouldn’t enter the field of medicine, in which his father and other members of his family excelled. “But I couldn’t let go of the question,” he writes, after realizing that his goals “didn’t quite fit in an English department.” “Where did biology, morality, literature and philosophy intersect?” So he decided to set aside his doctoral dissertation and belatedly prepare for medical school, which “would allow me a chance to find answers that are not in books, to find a different sort of sublime, to forge relationships with the suffering, and to keep following the question of what makes human life meaningful, even in the face of death and decay.” The author’s empathy undoubtedly made him an exceptional doctor, and the precision of his prose—as well as the moral purpose underscoring it—suggests that he could have written a good book on any subject he chose. Part of what makes this book so essential is the fact that it was written under a death sentence following the diagnosis that upended his life, just as he was preparing to end his residency and attract offers at the top of his profession. Kalanithi learned he might have 10 years to live or perhaps five. Should he return to neurosurgery (he could and did), or should he write (he also did)? Should he and his wife have a baby? They did, eight months before he died, which was less than two years after the original diagnosis. “The fact of death is unsettling,” he understates. “Yet there is no other way to live.”
A moving meditation on mortality by a gifted writer whose dual perspectives of physician and patient provide a singular clarity.Pub Date: Jan. 19, 2016
ISBN: 978-0-8129-8840-6
Page Count: 248
Publisher: Random House
Review Posted Online: Sept. 29, 2015
Kirkus Reviews Issue: Oct. 15, 2015
PERSPECTIVES
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.
“Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues.
It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.Pub Date: Nov. 12, 2019
ISBN: 978-1-61039-950-0
Page Count: 432
Publisher: PublicAffairs
Review Posted Online: Aug. 28, 2019
Kirkus Reviews Issue: Sept. 15, 2019
SEEN & HEARD
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