Read It and Weep: A Global Crisis Short List
By Jeremy Kahn

(FORTUNE Magazine) – The great books about the current economic crisis have yet to be written, but FORTUNE asked a group of well-known market analysts and economists to recommend some titles that would help readers get beyond today's breathless headlines and put current events in context. Here are their selections.

PAUL KRUGMAN, MIT professor, FORTUNE columnist, and co-author of International Economics: Policy and Theory:

--Globalizing Capital: A History of the International Monetary System, by Barry Eichengreen. "It's pregnant with implications. You realize how many times we've been here before," Krugman says.

--Manias, Panics, and Crashes: A History of Financial Crises, by Charles Kindleberger. "If ever there was a time to reread this book, it is now."

--Essays in Persuasion, by John Maynard Keynes. "Here's a smart guy confronting a world that bears some resemblance to our own."

--The Economics of Money, Banking, and Financial Markets, by Frederic Mishkin. "So much of the current crises involve the financial side that a good money, banking, and financial market text is a must."

JAMES GRANT, editor of Grant's Interest Rate Observer and author of The Trouble with Prosperity:

--Economics and the Public Welfare: A Financial and Economic History of the United States, 1914-1946, by Benjamin Anderson. It may have "one of the worst titles ever affixed to a good book," but Anderson provides "a knowing, accessible, and provocative account of the evolution of American finance."

--World in Debt, by Freeman Tilden. "This is a man of letters' analysis of the role of debt in the Great Depression. A first-class exposition of the trouble with what the world has lately learned to call 'financial leverage.' "

--The Man Who Stole Portugal, by Murray Teigh Bloom. This "is a great and instructive story of the attempted takeover, in the 1920s, of Portugal's central bank by a man who counterfeited the bank's own money. Knowing this actually happened, you will never think about central banking the same way."

DANIEL YERGIN, president of Cambridge Energy Research Associates and co-author of The Commanding Heights: The Battle between Government and the Marketplace That Is Remaking the Modern World:

--In the Hurricane's Eye: The Troubled Prospects of Multinational Enterprises, by Raymond Vernon. "This is a good book for looking beyond the current distress."

--The Great Crash, by John Kenneth Galbraith. "It's a good cautionary tale, which is always worth rereading, especially now."

ALAN BLINDER, former vice chairman of the Federal Reserve and currently an economics professor at Princeton:

--The Vandal's Crown: How Rebel Currency Traders Overthrew the World's Central Banks, by Gregory Millman. Blinder is a fan of this guide to how central banking works--or doesn't--in today's economy.

--The Confidence Game: How Unelected Central Bankers Are Governing the Changed Global Economy, by Steven Solomon. "Another good look at central banking," according to Blinder.

--Against the Gods: The Remarkable Story of Risk, by Peter Bernstein. "The nature of risk is at the center of the current contagion, and Bernstein does a good job of exploring it."

--Jeremy Kahn