100 Best Capitalism Books of All Time

George MonbiotThe Shock Doctrine explains some of the mechanisms by which patrimonial capital acquires power and enhances its wealth. It’s a brilliant piece of work, and one of those rare books that changes the way you perceive the world. (Source)

Mat WhitecrossIt starts with the theory that moments of crisis have been utilised by the right wing in the US and other countries to manipulate people into following their agenda. (Source)

Donna DickensonNaomi Klein’s argument is that capitalism actually requires deliberately engineered shocks to the economic systems. (Source)

Steve Jobsis said by his Apple co-founder, Steve Wozniak, to have regarded Atlas Shrugged as one of his “guides in life”. (Source)

Elon MuskA counterpoint to communism and useful as such, but should be tempered with kindness. (Source)

Travis Kalanick[Travis Kalanick mentioned this book in a Washington Post interview.] (Source)

Karl RoveAs soon as it became paperback. In fact I still have my paperback. (Source)

Bill GatesCapital sparked a fantastic global discussion this year about inequality. Piketty kindly spent an hour discussing his work with me before I finished my review. As I told him, although I have concerns about some of his secondary points and policy prescriptions, I agree with his most important conclusions: inequality is a growing problem and that governments should play a role in reducing it. I... (Source)

David Heinemeier HanssonThis is the book that was catapulted by its conclusion: r > g. That the rate of return on capital is greater than the growth rate of the economy. Which means that capital, and the people who own it, will end up with a larger and larger share of all wealth and income in the economy as time goes on. It’s a dense dive into the historical data on wealth, income, and economic growth from the optic of... (Source)

George MonbiotPiketty explains the economic crisis that we face in ways that also explain the political crisis. He does this by talking about the rise of what he calls ‘patrimonial capital’: wealth arising from inheritance, rent, and interest payments which greatly outweighs any wealth arising from hard work and enterprise. (Source)

Sheryl SandbergMichael Lewis's ability to boil down the most complicated subjects is like a magic trick. You can't believe your own eyes. He takes on important issues - from the 2008 Wall Street crash in "The Big Short" to parenting in "Home Game" - and breaks them down to the deepest truths. His combination of an extraordinarily analytical mind and a deep understanding of human nature allows him to weave... (Source)

Tim HarfordIf I had any criticism of the book, it’s that he makes it seem too obvious. It becomes mysterious how anyone could have been confused. (Source)

David Heinemeier HanssonA good one. (Source)

Travis KalanickIt’s one of my favorite books. (Source)

Noah KaganA few months ago, I was drinking a Noah’s Mill whiskey (cute) with my good buddy Brian Balfour and talking about life... During the conversation, we got on the topic of books that changed our lives. I want to share them with you. I judge a book's success if a year later I'm still using at least 1 thing from the book. (Source)

Tim UrbanI absolutely loved the book. Sure, the characters are extreme and one-dimensional - but to me, that was the point. (Source)

Nicholas CarrWhatever its imperfections, The Age of Surveillance Capitalism is an original and often brilliant work, and it arrives at a crucial moment, when the public and its elected representatives are at last grappling with the extraordinary power of digital media and the companies that control it. Like another recent masterwork of economic analysis, Thomas Piketty’s 2013 Capital in the Twenty-First... (Source)

Naomi KleinFrom the very first page I was consumed with an overwhelming imperative: everyone needs to read this book as an act of digital self-defense. With tremendous lucidity and moral courage, Zuboff demonstrates not only how our minds are being mined for data but also how they are being rapidly and radically changed in the process. The hour is late and much has been lost already—but as we learn in these... (Source)

Clive Lewis MpCant make the brilliant event below? Havent had a chance to read @shoshanazuboff groundbreaking book, ‘Surveillance Capitalism’? Then listen to this brilliant interview with the author as she explains the terrifying scale&ambition of Facebook/Google et al https://t.co/DCtNlFbmE0 https://t.co/ZX0YpW5pOo (Source)

Richard BransonOne example of a book that has helped me to #ReadToLead this year is Sapiens: A Brief History of Humankind by Yuval Noah Harari. While the book came out a few years ago now, I got around to it this year, and am very glad I did. I’ve always been fascinated in what makes humans human, and how people are constantly evolving, changing and growing. The genius of Sapiens is that it takes some daunting,... (Source)

Reid HoffmanA grand theory of humanity. (Source)

Barack Obamaeval(ez_write_tag([[250,250],'theceolibrary_com-leader-2','ezslot_7',164,'0','1'])); Fact or fiction, the president knows that reading keeps the mind sharp. He also delved into these non-fiction reads. (Source)

Elon MuskAdam Smith FTW obv. (Source)

Barack ObamaObama, unsurprisingly, appears to be more drawn to stories sympathetic to the working classes than is McCain. Obama cites John Steinbeck’s “In Dubious Battle,” about a labor dispute; Robert Caro’s “Power Broker,” about Robert Moses; and Studs Terkel’s “Working.” But he also includes Adam Smith’s “Wealth of Nations” and “Theory of Moral Sentiments” on his list. (Source)

Neil deGrasse TysonWhich books should be read by every single intelligent person on planet? [...] The Wealth of Nations (Smith) [to learn that capitalism is an economy of greed, a force of nature unto itself]. If you read all of the above works you will glean profound insight into most of what has driven the history of the western world. (Source)

Ben Shapiro[If you read this book and "Basic Economics"] you'll know more than all or your classmates combined about the basic workings of free markets and economics. (Source)

Chris Nichols@fishin_me @IslesFGC @AsSeenOnTv55 @IlhanMN The best economic book written. (Source)

Elon MuskPeter Thiel has built multiple breakthrough companies, and Zero to One shows how.” - Elon Mus (Source)

Mark ZuckerbergThis book delivers completely new and refreshing ideas on how to create value in the world. (Source)

Eric WeinsteinIf you really understand something that the rest of the world is confused about, and it’s an important truth, [this book] says here are all the ways you might want to make that work. (Source)

Lucas MoralesDepending on your interest and goals, if you are like me and always looking for the trends in the big picture then I highly recommend being an active contrarian reader. Read what no one else is reading. Your goal is to think outside the box. To look at the world and ask “why hasn’t this been solved?” And that gives you a roadmap as to what opportunities may exist for your entrepreneurial efforts.... (Source)

Michael LindThe three leading countries of industrial capitalism – the United States, Germany and Japan – developed by using techniques, as Ha-Joon Chang points out, that are the opposite of what are supposed to work. There are endless bestselling books about how the West developed and how it became rich. It’s a genre that says that if you just have democracy and government acts as an umpire and doesn’t... (Source)

Bogdana ButnarI thought I might put my money where my mouth is. I keep whining that young people are not in touch with some essential books on advertising that have helped me shape the way I practise my trade today, but I never did anything about it. So I am starting here the ultimate books to read list. I will add to it as I get suggestions and as more good books get written. (Source)

David LammyThis is another modern classic worth revisiting. It charts how brands have become tangled up with identity – how they stopped being markers of quality and became symbols of identity and markers of status. Logos have moved from the inside label to being splashed all over products. Having a coffee in Starbucks is an experience not a product. What you wear helps signal your worth. (Source)

Geoffrey Miller@bdmarotta No, The Road to Serfdom by Hayek is the best book on modern evil (Source)

Yuval LevinThe Road to Serfdom is a very polemical book. It was published in 1944. It’s a warning not exactly about Communism, but about the coming of statism in the West, about the ways that some of the governing élites that Hayek saw, especially in Britain, thought about governing. The book is really mostly about Britain. He talks about the dangers of central planning, of the attempt to take over the... (Source)

Mitch DanielsThis book convincingly demonstrated what was already intuitive to me: namely, the utter futility, the illusion of government planning as a mechanism for uplifting those less fortunate. (Source)

Anurag RamdasanAmazing insights into the economic warfare cast over the last few decades and its implications on the world in different ways

Richard BransonToday is World Book Day, a wonderful opportunity to address this #ChallengeRichard sent in by Mike Gonzalez of New Jersey: Make a list of your top 65 books to read in a lifetime. (Source)

Carl HonoréThis book again pulled together a lot of things I was hearing about in a journalistic, methodical, rigorous fashion. I found it a very alarming read, but also a reassuring one. One of the charges leveled at those who sing the praises of slowness is that we can get tarred with the brush of new ageism or airy fairyness. I’m not at all from that school. I’m a journalist and rigorous, and I know that... (Source)

Barry EstabrookEric Schlosser takes apart a single fast-food meal and shows not only how it affects our health but also how the people who serve it to you are treated. He also looks at how the people in the slaughterhouses working with the cattle are treated, and so it shows you the true picture of the all-American meal – burgers and fries. (Source)

Bill Gates[On Bill Gates's reading list in 2012.] (Source)

Jeff Bezos[From the book "The Everything Store: and the Age of Amazon"] “The scholar argues that people are wired to see patterns in chaos while remaining blind to unpredictable events, with massive consequences. Experimentation and empiricism trumps the easy and obvious narrative,” Stone writes. (Source)

James AltucherAnd throw in “The Black Swan” and “Fooled by Randomness”. “Fragile” means if you hit something might break. “Resilient” means if you hit something, it will stay the same. On my podcast Nassim discusses “Antifragility” – building a system, even on that works for you on a personal level, where you if you harm your self in some way it becomes stronger. That podcast changed my life He discusses... (Source)

Bill GatesIf you want a good understanding of how the issues that cause poverty are intertwined, you should read this book about the eviction crisis in Milwaukee. Desmond has written a brilliant portrait of Americans living in poverty. He gave me a better sense of what it is like to be poor in this country than anything else I have read. (Source)

Satya NadellaNadella is using this season to learn more in a variety of subjects. By the looks of it, he is interested in, among other things, virtual reality, the refugee crisis, and housing for the urban poor. (Source)

Noah KaganSurprising insights into the lives of people who were evicted. I make a lot of assumptions about these people. Turns out I was wrong WHY they get evicted. (Source)

Liam MartinMax Weber Protestant Ethic, and Karl Marx's Capital had a huge impact on me. If you read Marx with a critical critique you can see that he's laid out a fantastic framework on how capitalism works, I do disagree with his core premise (capitalism being bad) so I took it as a great way to understand how I could operate inside of a capitalist economy. Weber on the other hand shows you exactly how to... (Source)

Arnold SchwarzeneggerThe other book that I have given hundreds of copies to is Free to Choose by Milton Friedman. It kind of lays out why the private sector is really the answer to a lot of problems that we have and not government. I think it’s a real great philosophic kind of a book about how to approach our problems, if it is education, if it is economic growth, all of those various kinds of different issues. He... (Source)

Grover NorquistWith Free to Choose, the title summarises it. He deals with vouchers in education and the whole idea of what we’re promoting. This goes back to the argument on the science stuff. We’re not for freedom because it brings economic growth. We’re not for freedom because it brings technology and improvements in standards of living. We’re for freedom because we’re for people being free. It also happens... (Source)

Mitch DanielsI chose this book because it expressed best to me the moral underpinnings of free economics, if one starts from the premise that the highest value is the autonomy and dignity and freedom of the individual. (Source)

Satya Nadella"My father recommended this book long ago,” says Nadella of the 1944 classic by a Hungarian-American writer who chronicles the development of England’s market economy and argues that society should drive economic change. (Source)

Mark BlythA story which stretches from 1815 to 1914. He says it was 100 years of peace, although that’s not actually true because if you were a colonial subject it was hardly peaceful. (Source)

Dani RodrikIt makes a rather important point, that the economy has always been embedded in society, and when we try to disembed it from society and treat it like an independent institution, then we’re really going to run into trouble. (Source)

Cory OndrejkaIt's a heart-wrenching but eye-opening look at the safe ways America looks back at slavery and its impact on modern capitalism. During an election cycle focused on populism and anger, this is a book every American should read. (Source)

Liam MartinMax Weber Protestant Ethic, and Karl Marx's Capital had a huge impact on me. If you read Marx with a critical critique you can see that he's laid out a fantastic framework on how capitalism works, I do disagree with his core premise (capitalism being bad) so I took it as a great way to understand how I could operate inside of a capitalist economy. Weber on the other hand shows you exactly how to... (Source)

Will DaviesOne of the most famous and influential works of sociology ever written and one of the founding texts of economic sociology. I’ve always found it inspirational. (Source)

Seth GodinI recommend it in audio because David is sometimes repetitive and a little elliptical, but in audio it's all okay because you can just listen to it again. (Source)

David Heinemeier HanssonAfter a few false starts, I finally got going with this, and what a treat. It shoots down the common myth that prior to money, everyone just bartered shit. I give you a pig, you give me five pies and a hat. Evidence shows that just wasn’t at all how things went. Most societies were structured either rather communistic (take what you need, give what you can) or with a loose debt-ledger system (or... (Source)

Will DaviesWhat’s stunning about the book is how it brings an anthropological perspective to bear on such an expansive history and geography, bringing the story right up to the present day, at the precise moment when debt has become a hugely political, mobilizing and destabilizing issue. Its central argument is simple and easy to grasp, and has been seized by activists and critics of the financial sector. (Source)

Bill Gates[On Bill Gates's reading list in 2011.] (Source)

Max Levchin[Max Levchin recommended this book as an answer to "What business books would you advise young entrepreneurs read?"] (Source)

John LanchesterThis is a minute-by-minute account of how the whole financial system nearly went over the brink in 2008, and the astonishing sense of tension and danger involved. (Source)

Carl ZimmerYes. This is a fascinating book on so many different levels. It is really compelling as the story of the author trying to uncover the history of the woman from whom all these cells came. (Source)

A.J. JacobsGreat writer. (Source)

Peter SingerYes, it is. I chose The Communist Manifesto, rather than, say, Capital because it shows in a much easier-to-read, shorter work something that is central to Marx’s vision. Capital is much drier, and a lot of it is focused on economics, although there are some remarkable passages of Capital describing the conditions of industrial workers in England at the time. (Source)

Felipe Fernández-ArmestoMarx and Engels’s historical analysis is breathtakingly, brilliantly simple. I think it’s wrong but, again, you’ve just got to admire its genius. Obviously, without understanding the historical basis of Marx’s thought you can’t understand anything else in Marxism. (Source)

Clare LockhartSo my third book choice is The Mystery Of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else. Hernando de Soto is a Peruvian economist and one of his earliest books was The Other Path, as opposed to the Shining Path, which documents his attempts, along with the government of Peru, to engage with the Shining Path. And his basic thesis in that book is that many so-called... (Source)

Malcolm GladwellI don’t need to say much here. This book invented an entire genre. Economics was never supposed to be this entertaining. (Source)

Daymond JohnI love newer books like [this book]. (Source)

James Altucher[James Altucher recommended this book on the podcast "The Tim Ferriss Show".] (Source)

Mark ZuckerbergMy next book for A Year of Books is Why Nations Fail by Daron Acemoğlu and James A. Robinson. This book explores the different kinds of social institutions and incentives that nations have applied to encourage prosperity, economic development and elimination of poverty. This is a good complement to our last book, Portfolios of the Poor, which focused on how people live in poverty. This one... (Source)

Bill Gates"I read two books that raise big, interesting questions about social change and technological progress. I’m planning to write longer reviews of each of these books, but let me flag them for you now. One is Why Nations Fail: The Origins of Power, Prosperity, and Poverty by Daron Acemoglu and James A. Robinson.The topic of this book is why some countries have prospered and created great living... (Source)

George MagnusThe role of institutions is really important for societal development. (Source)

Bill GatesIn Anand’s thought-provoking book his fresh perspective on solving complex societal problems is admirable. I appreciate his commitment and dedication to spreading social justice. (Source)

Tim O'ReillyAnand is a deeply insightful thinker, whose view of justice tempered with mercy needs to be widely shared. His forthcoming book is brilliant and important. https://t.co/QIcy3bEZMS (Source)

Darren Walker[A] landmark new book. (Source)

Bill GatesCollier’s latest book is a thought-provoking look at a topic that’s top of mind for a lot of people right now. Although I don’t agree with him about everything—I think his analysis of the problem is better than his proposed solutions—his background as a development economist gives him a smart perspective on where capitalism is headed. (Source)

Trevor Ncube"Our values, intertwined with practical reasoning, combine the heart and the head. POPULISM offers the headless heart; IDEOLOGY offers the heartless head." This book is a serious mind bender. Fascinating. #twitterbookclub https://t.co/TGdzOr9KXQ (Source)

Avi AsherschapiroWho could forget that great book of reportage, "Dark Money," about the shadowy mechanization of the Nurses Union & the Climate Change Youth Movement. (Source)

Simon Emilio Turkas@fbpe_gina @GeorgeMonbiot Ooh thanks, I haven't seen that, I'll check it out! I finished the book today and it was excellent, and now started 'Postcapitalism - A guide to out future' by @paulmasonnews which so far is very inspiring 😊 https://t.co/35ozoXlgRh (Source)

Lucas MoralesDepending on your interest and goals, if you are like me and always looking for the trends in the big picture then I highly recommend being an active contrarian reader. Read what no one else is reading. Your goal is to think outside the box. To look at the world and ask “why hasn’t this been solved?” And that gives you a roadmap as to what opportunities may exist for your entrepreneurial efforts.... (Source)

Louise GrayWhen we discuss meat-eating, we talk about the suffering of the animals, we talk about the environment, but we often forget to talk about the people (Source)

Juliet DavenportI read this book on holiday and found it interesting, because I hadn’t really thought about the history of the corporation. It goes right back to the South Sea Bubble, where early investors were very unprotected. Then there was a lot of legislation put in place to protect shareholders and to make sure their interests were always looked after. As a result you ended up with corporations where the... (Source)

Nicholas WhyteThe hero of The Dispossessed grows up on a planet which is one of two twin planets in a solar system far away from here. The planet where the hero grows up is essentially a communist-socialist utopia, and the twin planet that they see every day and every night hanging in the sky is a more capitalist society, much more similar to our western society. (Source)

Louis NyffeneggerFew technical books and a bit of everything. The following books are currently sitting on my bedside table: "The Hitchhiker's Guide To The Galaxy", "Predictable Revenue", "Manufacturing Consent", "Agile Application Security". "Oauth In Action", "Serious Cryptography". (Source)

Will DaviesWhat’s very original about the book is that they show how capitalism develops these moral paradigms out of specific traditions of anti-capitalism. This is partly what makes capitalism so hard to overturn. It is a system that learns from its critics. (Source)

Max Levchin[Max Levchin recommended this book as an answer to "What business books would you advise young entrepreneurs read?"] (Source)

Muhtar KentCEO considers it a great read. (Source)

Lisa LingI credit this book with propelling me to dig deeper, and to not always believe the narrative. (Source)

Alex HonnoldTotally changed the way I look at politics. (Source)

Leah LizarondoThese books propelled me to want to work on a social enterprise and underscored my passion for making a difference in food policy. I believe we can build an innovative company that has deep social impact. That we can use the same mindsets that single bottom-line companies have to build successful triple and quadruple bottom-line companies. It is the holy grail -- for your work to present the... (Source)

Larry SummersGlobalization and its Discontents is a book that anyone looking for a rounded set of perspectives on globalization should read. (Source)

Peter BoettkeDo you believe that Michele Bachmann reads this book at the beach? (Source)

Bill GatesI have mixed feelings about The Price of Inequality: How Today’s Divided Society Endangers Our Future by Joseph E. Stiglitz. Stiglitz’s contributions are important in that he really does a good job of articulating the issues of inequality and the economic factors that underlie it. He raises important questions about whether it’s getting harder for people in the U.S. to move up the economic... (Source)

Francisco BethencourtI’m working now on a history of inequality, because while I was working on racism I was bumping into this issue all the time. It is indeed a political problem. (Source)

Elizabeth Tsurkov@Maysaloon great book! (Source)

Jonathan EvisonThis is the great American novel for me—the humanity, the landscapes, the progressive and political and social ethos of the novel, not to mention the amazing characters. Steinbeck is the American Dickens, at least in terms of social consciousness. (Source)

John KerryWhile there is a story that takes place between characters, the hardship and unfairness is a central element of the book. It shows how fiction can create progressive change as well. (Source)

Francisco BethencourtBraudel was taking a global approach to the world between the 15th and 18th century very early on. (Source)

Jim Edwards@Astrologic007 @ainecain @businessinsider @B_Ehrenreich @AndrewYang @carolhunter @esaagar @EmmaVigeland @kthalps @ErinBurnett @mviser Nickel and Dimed is a great book and everyone should read it. @B_Ehrenreich (Source)

Steve MarmelSide note — There’s a fantastic book about this: “Nickle and Dimed.” https://t.co/hykM6zvnBS https://t.co/xkCxxPBBnA (Source)

Angela PhamAnother form of non-fiction heartbreak. This is a timeless look at how most of America survives. You cannot be an empathetic business leader without this lens. (Source)

Barack ObamaWhen he got to high school, the president said, his tastes changed and he learned to enjoy classics like “Of Mice and Men” and “The Great Gatsby.” (Source)

Bill GatesMelinda and I really like [this book]. When we were first dating, she had a green light that she would turn on when her office was empty and it made sense for me to come over. (Source)

Marvin LiaoFor Non-Business, I'd have to say Dune (Herbert), Emergency (Strauss), The Great Gatsby (Fitzgerald) or Flint (L'Amour). I re-read these books every year because they are just so well written & great stories that I get new perspective & details every time I read them. (Source)

Kevin Gannon@noisybrooklyn1 It's an amazing book, and one that gets overshadowed too much, I think, by his other work, esp his (awesome) Malcolm X bio. (Source)

Sanja ZepanThe most dramatic change was definitely when I read Guy Debord's The Society of Spectacle in high school. That book made me go study communicology and media, instead of everything else I wanted to study back then. It really cemented my university application. (Source)

Dave Elitch[Dave Elitch recommended this book on the podcast "The Tim Ferriss Show".] (Source)

Tim O'ReillyI am loving @KateRaworth’s book Doughnut Economics. It puts #inequality in a far broader context, connecting a great many 21st century problems with a single vision. Every business leader and every policy maker should read it. For a quick summary, see https://t.co/harwQvlLlC (Source)

George MonbiotDoughnut Economics tries to reconcile an environmental vision with the vision of widely shared prosperity. (Source)

Fernando Lelo Larrea🍩Amazing book by @KateRaworth #DoughnutEconomics . I really wish all my Economics students can read it. Fundamental rethinking of our science and what lays ahead. https://t.co/oWUL1TwSYh (Source)

Duan PavloviThank you @rcbregman for this great book! (I am writing a short review, but only in Serbian for a Serbian daily.) (Source)

Robert ReichAs you said, Braudel’s book is the second in this series. Civilization and Capitalism is a monumental undertaking. In these three volumes, Braudel did what no one else had attempted before and he did it more successfully than anyone I know of, that is to try to understand the beginning of capitalism – particularly the kind of capitalism that has now become dominant in the world, the capitalism... (Source)

Kip TindellTindell is actually close friends with Mackey, who is the co-author of this book and co-CEO of Whole Foods Market. According to Tindell, both men believe in conscious capitalism. They say that when everyone wins, the business is most profitable and there should be no losses. (Source)

Virginia LeBlancI guess I would choose Conscious Capitalism by John Mackey and Raj Sisodia for the brilliant, reachable, utopian view of free-enterprise capitalism with a mind toward higher purpose and humanistic virtues in business. (Source)

Mark BlythThe notion in the whole book is that it is far better for man to lord it over his bank balance than it is over his fellow man. (Source)

Will DaviesThe core question in Hirschman’s book is actually in its subtitle: ‘Political Arguments for Capitalism before Its Triumph’. Like Weber, Hirschman realised that, first, there is nothing natural about capitalism. (Source)

Robert J ShillerWhen we reflect on some of the horrors of capitalism, we have to consider that things could have been much worse if we didn’t have this system. Our fights would have been on real battlefields, rather than economic battlefields. (Source)

Alykhan Satchu@surambaya @MihrThakar @NorthmanTrader great book (Source)

Joe GebbiaThis other way of thinking about how we consume things in the planet. (Source)

Ashton KutcherLatest winner I've read. (Source)

Van JonesThis book is the best combination of deep poetry and high theory that I’ve come across, and it’s a very close expression of my own views. (Source)

Eric WeinsteinFolks frequently ask “What are the books that changed your life?” If I tell them, they are usually radically disappointed. I find that curious. I just cleared out of an office, and these are books that mattered enough to me to bring home. So here they are. (Source)

Paul KrugmanIt is a difficult book, because it’s the first book that tries to figure this stuff out. You don’t teach Keynesian economics from Keynes anymore. Keynes was actually working on The General Theory of Employment, Interest and Money before the Great Depression, but, obviously, the Great Depression gave it urgency. It’s a first stab – it’s one hell of a first stab – but because it is a first stab,... (Source)

Mark BlythThis is an incredibly important book because it shows us that Adam Smith was only right in a special case. (Source)

Max Levchin[Max Levchin recommended this book as an answer to "What business books would you advise young entrepreneurs read?"] (Source)

John GapperThe Fed itself did not bail out LTCM, but it was worried enough to get a bunch of big banks into the room and say, “Would you care to chip in and save this thing?” Which they obligingly did – and then liquidated it. The Fed foresaw that the failure of a single big hedge fund could send shock waves through the entire financial system. The issue of systemic risk was highlighted. (Source)