Indian origin professor wins FT book award

The 30,000 pounds prize was last night awarded to Raghuram G Rajan, for his book, 'Fault Lines: How Hidden Fractures Still Threaten the World Economy', published by Princeton University Press.

The Award was presented in New York by Lionel Barber, Editor, Financial Times, and Lloyd C Blankfein, Chairman and Chief Executive Officer, Goldman Sachs.

The Award, which was established in 2005, aims to find the book that provides the most compelling and enjoyable insight into modern business issues.

Each of the five runners-up received a cheque for 10,000 pounds, an increase of 5,000 pounds over previous years, and can expect heightened interest in their influential books, a release by the award organisers today said.

Barber said of Rajan's book: "Fault Lines is a comprehensive analysis of what went wrong, but it is also only the beginning of the conversation.

"Rajan offers insights into how to correct the flaws in financial capitalism and illuminates difficult choices in public policy. It is a serious and sober book, but in these times sobriety is a virtue."

"Raghuram Rajan has written a profound, compelling book," said Blankfein, and added, "His analysis of what went wrong, and what needs to be done to address the structural flaws that caused the financial crisis, should be essential reading for policy makers and practitioners alike."

Books short listed for the award included 'The Art of Choosing', by Sheena Iyengar, professor of Business at Columbia University.