Rajan's policy conclusions in the book were surprisingly wishy-washy.
He argued for a greater role for the multilateral lending organisations, but was quite vague about what these institutions should tell policy makers.
"The financial sector needs to know that it will bear the full consequences of its actions, which means that it, and not the taxpayer, will have to bear the losses it generates." Does this mean no more bailouts?
"The US government has to re-create the access and opportunity for all its people that has historically been the hallmark of the economy while helping those who fall behind." Does this mean an incomes policy?
"This will reduce the pressure on the government to intervene in financial markets or to stimulate the economy excessively." Does this mean no stimulus package?
None of this is clear in the book.
Similarly, there was some general feel-good stuff about inclusive and sustainable growth models in the developing world, but very little in terms of actual proposals.
Image: A sign that was held up by Occupy Frankfurt activists stands next to the Euro sculpture and the European Central Bank in Frankfurt, Germany.