Soros's writings focus heavily on the concept of reflexivity , where the biases of individuals enter into market transactions, potentially changing the fundamentals of the economy. Soros argues that different principles apply in markets depending on whether they are in a "near to equilibrium" or a "far from equilibrium" state. He argues that, when markets are rising or falling rapidly, they are typically marked by disequilibrium rather than equilibrium, and that the conventional economic theory of the market the " efficient market hypothesis " does not apply in these situations. Soros has popularized the concepts of dynamic disequilibrium, static disequilibrium, and near-equilibrium conditions.

Reflexivity is based on three main ideas: [57]. A recent example of reflexivity in modern financial markets is that of the debt and equity of housing markets. More people bought houses with this larger amount of money, thus increasing the prices of these houses. Lenders looked at their balance sheets which not only showed that they had made more loans, but that the collaterals backing the loans — the value of the houses — had gone up because more money was chasing the same amount of housing, relatively.

Thus they lent out more money because their balance sheets looked good, and prices rose higher still. This was further amplified by public policy.

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In the US, home loans were guaranteed by the Federal government. Many national governments saw home ownership as a positive outcome and so introduced grants for first-time home buyers and other financial subsidies, such as the exemption of a primary residence from capital gains taxation. These further encouraged house purchases, leading to further price rises and further relaxation of lending standards.

The concept of reflexivity attempts to explain why markets moving from one equilibrium state to another tend to overshoot or undershoot. Soros's theories were originally dismissed by economists, [] but have received more attention after the crash including becoming the focus of an issue of the Journal of Economic Methodology. The notion of reflexivity provides an explanation of the theories of complexity economics , as developed at the Santa Fe Institute , although Soros had not publicized his views at the time the discipline was originally developed there in the s.

Although the primary manifestation of the reflexive process that Soros discusses is its effects in the financial markets, he has also explored its effects in politics. He has stated that whereas the greatest threats to the " open society " in the past were from communism and fascism as discussed in The Open Society and Its Enemies by his mentor Karl Popper , the largest current threat is from market fundamentalism. He has suggested that the contemporary domination of world politics and world trade by the United States is a reflexive phenomenon, insofar as the success of military and financial coercion feeds back to encourage increasingly intense applications of the same policies to the point where they will eventually become unsustainable.

Soros argues that the current system of financial speculation undermines healthy economic development in many underdeveloped countries. He blames many of the world's problems on the failures inherent in what he characterizes as market fundamentalism. Soros's book The New Paradigm for Financial Markets May , described a "superbubble" that had built up over the past 25 years and was ready to collapse.

This was the third in a series of books he has written that have predicted disaster. As he states:. I have a record of crying wolf So it's three books predicting disaster. I'm only rich because I know when I'm wrong I basically have survived by recognizing my mistakes. I very often used to get backaches due to the fact that I was wrong. Whenever you are wrong you have to fight or [take] flight.

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When [I] make the decision, the backache goes away. In February , Soros said the world financial system had in effect disintegrated, adding that there was no prospect of a near-term resolution to the crisis. It was placed on life support, and it's still on life support. There's no sign that we are anywhere near a bottom. In January , at an economic forum in Sri Lanka, Soros predicted a financial crisis akin to based on the state of the global currency, stock and commodity markets as well as the sinking Chinese yuan.

When asked about what he thought about Israel , in The New Yorker , Soros replied: "I don't deny the Jews to a right to a national existence — but I don't want anything to do with it. Bush in the U. Soros, citing accusations that he was one of the "Jewish financiers" who, in antisemitic terms, "ruled the world by proxy", suggested that if we change the direction of those policies, then anti-Semitism also will diminish.

Abraham Foxman , national director of the Anti-Defamation League later said that Soros's comments held a simplistic view, were counterproductive, biased and a bigoted perception of what's out there, and "blamed the victim" when holding Jews responsible for antisemitism. Jewish philanthropist Michael Steinhardt , who arranged for Soros's appearance at the conference, clarified, "George Soros does not think Jews should be hated any more than they deserve to be.

I do not subscribe to the myths propagated by enemies of Israel and I am not blaming Jews for anti-Semitism. Anti-Semitism predates the birth of Israel. Neither Israel's policies nor the critics of those policies should be held responsible for anti-Semitism. At the same time, I do believe that attitudes toward Israel are influenced by Israel's policies, and attitudes toward the Jewish community are influenced by the pro-Israel lobby's success in suppressing divergent views. Hours later, in an apparent attempt to ally Israel with Hungary, Israel's Ministry of Foreign Affairs issued a "clarification", denouncing Soros, stating that he "continuously undermines Israel's democratically elected governments by funding organizations that defame the Jewish state and seek to deny it the right to defend itself".

Soros' son Alexander said in an interview that his father cares about Israel, and that he "would like to see Israel in Yitzhak Rabin 's image. His views are more or less the common views in Meretz and in the Labor Party. The younger Soros recounts that after his bar mitzvah in , his father told him: "If you're serious about being Jewish, you might want to consider immigrating to Israel.

In a interview with The New York Times , Alex Soros, the son of George Soros, when asked about why his father fights for an open society, Soros replied that in a non-Jewish state, a Jew can only feel safe when other minorities are protected, which is one of most important driving forces why his father has been active in his philanthropy:. Bush from office was the "central focus of my life" and "a matter of life and death". He said he would sacrifice his entire fortune to defeat Bush "if someone guaranteed it".

These groups worked to support Democrats in the election. The online transcript of this speech received many views after Dick Cheney accidentally referred to FactCheck. His book, The Bubble of American Supremacy [] , was a forthright critique of the Bush administration's "War on Terror" as misconceived and counterproductive, and a polemic against the re-election of Bush. He explains the title in the closing chapter by pointing out the parallels in this political context with the self-reinforcing reflexive processes that generate bubbles in stock prices.

When Soros was asked in about his statement in The Age of Fallibility that "the main obstacle to a stable and just world order is the United States", he responded that "it happens to coincide with the prevailing opinion in the world. And I think that's rather shocking for Americans to hear.

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The United States sets the agenda for the world. And the rest of the world has to respond to that agenda.

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By declaring a 'war on terror' after September 11, we set the wrong agenda for the world When you wage war, you inevitably create innocent victims. In , Soros described Donald Trump as a con man, and predicted Trump would fail because he believed Trump's ideas were self-contradictory.

In October , Soros drafted an open letter entitled "As concerned Europeans we urge Eurozone leaders to unite", [] in which he calls for a stronger economic government for Europe using federal means Common EU treasury, common fiscal supervision, etc. Our plan treats the protection of refugees as the objective and national borders as the obstacle.

Soros expected that Brexit would fail and the Premiership of Theresa May would last only a short time. In , Soros highlighted that Europe faces major challenges related to immigration, austerity, and nations leaving the EU. He advocated replacing the notion of a multi-speed Europe by the aim of a "multi-track Europe" that would allow member states a wider variety of choices. In view of the possibility of a further increase of the number of refugees from Africa to Europe, Soros proposes that the European Union devise a "Marshall Plan for Africa" see Marshall Plan , fostering education and employment in Africa in order to reduce emigration.

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Soros has expressed concern about the growth of Chinese economic and political power, saying, "China has risen very rapidly by looking out for its own interests They have now got to accept responsibility for world order and the interests of other people as well. Chinese state media responded by stating "Soros' challenge to the RMB and Hong Kong dollar are doomed to fail, without any doubt. In January , Soros used his annual speech at the World Economic Forum , in Davos, to label Xi Jinping , General Secretary of the Communist Party of China and President of China , as the "most dangerous opponent of open societies", saying: "China is not the only authoritarian regime in the world but it is the wealthiest, strongest and technologically most advanced".

He also urged the United States not to allow the Chinese technology companies Huawei and ZTE to dominate the 5G telecommunications market as this would present an "unacceptable security risk for the rest of the world". And the foundation has been functioning ever since and played an important part in events now.

In January , Soros said that "Europe needs to wake up and recognize that it is under attack from Russia. In July , Soros stated that Putin's annexation of Crimea was a challenge to the "prevailing world order," specifically the European Union. He hypothesized that Putin wants to "destabilize all of Ukraine by precipitating a financial and political collapse for which he can disclaim responsibility, while avoiding occupation of a part of eastern Ukraine, which would then depend on Russia for economic support. A Russian intergovernmental letter released in December stated that Soros's charities were "forming a perverted perception of history and making ideological directives, alien to Russian ideology, popular".

Most of these books were published with funds donated by Soros's charities. Soros has been active as a philanthropist since the s, when he began providing funds to help black students attend the University of Cape Town in apartheid South Africa, [] and began funding dissident movements behind the Iron Curtain. Soros's philanthropic funding includes efforts to promote non-violent democratization in the post-Soviet states.



George Soros has made his mark as an enormously successful speculator, wise enough to largely withdraw when still way ahead of the game. The bulk of his enormous winnings is now devoted to encouraging transitional and emerging nations to become "open societies", open not only in the sense of freedom of commerce but—more important—tolerant of new ideas and different modes of thinking and behavior. Other notable projects have included aid to scientists and universities throughout central and eastern Europe, help to civilians during the siege of Sarajevo , and Transparency International.

An OSI spokeswoman said "it appeared to us at that time that there was a right-to-counsel issue worthy of our support" but claimed later requests for support were declined. The New York Times termed this endeavor a "departure" for Soros whose philanthropic focus had been on fostering democracy and good government, but Soros noted that most poverty resulted from bad governance. Soros played a role in the peaceful transition from communism to democracy in Hungary —89 [23] and provided a substantial endowment to Central European University in Budapest.

He received an honorary degree in economics from the University of Bologna in Soros was the Financial Times Person of the Year for , with the FT describing him as "a standard bearer for liberal democracy, an idea under siege from populists". It [Hungarian Spectrum] deserves to be better known and supported. George Soros has written many books, articles, and papers on economics, finance, stock trading, and geopolitics.