ECONned How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism

Why are we in such a financial mess today? There are lots of proximate causes: over-leverage, global imbalances, bad financial technology that lead to widespread underestimation of risk. But these are all symptoms.

ECONned  How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism

Why are we in such a financial mess today? There are lots of proximate causes: over-leverage, global imbalances, bad financial technology that lead to widespread underestimation of risk. But these are all symptoms. Until we isolate and tackle fundamental causes, we will fail to extirpate the disease. ECONned is the first book to examine the unquestioned role of economists as policy-makers, and how they helped create an unmitigated economic disaster. Here, Yves Smith looks at how economists in key policy positions put doctrine before hard evidence, ignoring the deteriorating conditions and rising dangers that eventually led them, and us, off the cliff and into financial meltdown. Intelligently written for the layman, Smith takes us on a terrifying investigation of the financial realm over the last twenty-five years of misrepresentations, naive interpretations of economic conditions, rationalizations of bad outcomes, and rejection of clear signs of growing instability. In eConned, author Yves Smith reveals: --why the measures taken by the Obama Administration are mere palliatives and are unlikely to pave the way for a solid recovery --how economists have come to play a profoundly anti-democratic role in policy --how financial models and concepts that were discredited more than thirty years ago are still widely used by banks, regulators, and investors --how management and employees of major financial firms looted them, enriching themselves and leaving the mess to taxpayers --how financial regulation enabled predatory behavior by Wall Street towards investors --how economics has no theory of financial systems, yet economists fearlessly prescribe how to manage them

More Books:

ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism
Language: en
Pages: 368
Authors: Yves Smith
Categories: Business & Economics
Type: BOOK - Published: 2011-10-11 - Publisher: St. Martin's Press

Why are we in such a financial mess today? There are lots of proximate causes: over-leverage, global imbalances, bad financial technology that lead to widespread underestimation of risk. But these are all symptoms. Until we isolate and tackle fundamental causes, we will fail to extirpate the disease. ECONned is the
Zombie Economics
Language: en
Pages: 288
Authors: John Quiggin
Categories: Business & Economics
Type: BOOK - Published: 2012-05-06 - Publisher: Princeton University Press

In the graveyard of economic ideology, dead ideas still stalk the land. The recent financial crisis laid bare many of the assumptions behind market liberalism—the theory that market-based solutions are always best, regardless of the problem. For decades, their advocates dominated mainstream economics, and their influence created a system where
Disordered Minds
Language: en
Pages: 208
Authors: Ian Hughes
Categories: Psychology
Type: BOOK - Published: 2018-09-28 - Publisher: John Hunt Publishing

Disordered Minds offers a compelling and timely account of the dangers posed by narcissistic leaders, and provides a stark warning that the conditions in which this psychopathy flourishes - extremes of social inequality and a culture of hyper-individualism - are the hallmarks of our present age. 'An excellent account of
Destroying Democracy
Language: en
Pages:
Authors: Jane Duncan, Linda Gordon, Gunnett Kaaf, Dale T McKinley, Alf Gunvald Nilsen, Devan Pillay, Mandla J Radebe, Alfredo Saad-Filho, Ingar Solty
Categories: Business & Economics
Type: BOOK - Published: 2021-08-01 - Publisher: NYU Press

A history of the erosion of democracy across the globe Democracy is being destroyed. This is a crisis that expresses itself in the rising authoritarianism visible in divisive and exclusionary politics, populist political parties and movements, increased distrust in fact-based information and news, and the withering accountability of state institutions.
Current Developments in Monetary and Financial Law, Volume 6
Language: en
Pages: 590
Authors: International Monetary Fund. Legal Dept.
Categories: Business & Economics
Type: BOOK - Published: 2013-02-08 - Publisher: International Monetary Fund

“Restoring Financial Stability-The Legal Response” is the theme of the sixth volume of “Current Developments in Monetary and Financial Law.” The book covers a range of issues: frameworks and regulatory reforms in the United States, European Union, and Japan that address systemic risk; the international dimension of financial stability; the