Author : I. Moosa
Publisher : Springer
Page : 239 pages
File Size : 20,45 MB
Release : 2010-10-27
Category : Business & Economics
ISBN : 0230295053
The book presents arguments against the taxpayers'-funded bailing out of failed financial institutions, and puts forward suggestions to circumvent the TBTF problem, including some preventive measures. It ultimately argues that a failing financial institution should be allowed to fail without fearing an apocalyptic outcome.
Author : Adair Turner
Publisher : Princeton University Press
Page : 330 pages
File Size : 27,73 MB
Release : 2017-08-02
Category : Business & Economics
ISBN : 0691175985
Why our addiction to debt caused the global financial crisis and is the root of our financial woes Adair Turner became chairman of Britain's Financial Services Authority just as the global financial crisis struck in 2008, and he played a leading role in redesigning global financial regulation. In this eye-opening book, he sets the record straight about what really caused the crisis. It didn’t happen because banks are too big to fail—our addiction to private debt is to blame. Between Debt and the Devil challenges the belief that we need credit growth to fuel economic growth, and that rising debt is okay as long as inflation remains low. In fact, most credit is not needed for economic growth—but it drives real estate booms and busts and leads to financial crisis and depression. Turner explains why public policy needs to manage the growth and allocation of credit creation, and why debt needs to be taxed as a form of economic pollution. Banks need far more capital, real estate lending must be restricted, and we need to tackle inequality and mitigate the relentless rise of real estate prices. Turner also debunks the big myth about fiat money—the erroneous notion that printing money will lead to harmful inflation. To escape the mess created by past policy errors, we sometimes need to monetize government debt and finance fiscal deficits with central-bank money. Between Debt and the Devil shows why we need to reject the assumptions that private credit is essential to growth and fiat money is inevitably dangerous. Each has its advantages, and each creates risks that public policy must consciously balance.
Author : Stephanie Kelton
Publisher : PublicAffairs
Page : 311 pages
File Size : 45,74 MB
Release : 2020-06-09
Category : Business & Economics
ISBN : 1541736206
A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.
Author : Bethany McLean
Publisher : Penguin
Page : 503 pages
File Size : 19,81 MB
Release : 2011-08-30
Category : Business & Economics
ISBN : 1101551054
Hailed as "the best business book of 2010" (Huffington Post), this New York Times bestseller about the 2008 financial crisis brings the devastation of the Great Recession to life. As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers? According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, many devils helped bring hell to the economy. All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature. Just as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf, so will All the Devils Are Here be remembered for finally making sense of the financial meltdown and its consequences.
Author : Arjun Appadurai
Publisher : Polity
Page : 0 pages
File Size : 32,6 MB
Release : 2019-11-04
Category : Social Science
ISBN : 9781509504718
Wall Street and Silicon Valley – the two worlds this book examines – promote the illusion that scarcity can and should be eliminated in the age of seamless “flow.” Instead, Appadurai and Alexander propose a theory of habitual and strategic failure by exploring debt, crisis, digital divides, and (dis)connectivity. Moving between the planned obsolescence and deliberate precariousness of digital technologies and the “too big to fail” logic of the Great Recession, they argue that the sense of failure is real in that it produces disappointment and pain. Yet, failure is not a self-evident quality of projects, institutions, technologies, or lives. It requires a new and urgent understanding of the conditions under which repeated breakdowns and collapses are quickly forgotten. By looking at such moments of forgetfulness, this highly original book offers a multilayered account of failure and a general theory of denial, memory, and nascent systems of control.
Author : Simon Johnson
Publisher : Vintage
Page : 338 pages
File Size : 47,71 MB
Release : 2010-03-30
Category : Business & Economics
ISBN : 0307379221
In spite of its key role in creating the ruinous financial crisis of 2008, the American banking industry has grown bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks whose assets amount to more than 60 percent of the country’s gross domestic product, this oligarchy proved it could first hold the global economy hostage and then use its political muscle to fight off meaningful reform. 13 Bankers brilliantly charts the rise to power of the financial sector and forcefully argues that we must break up the big banks if we want to avoid future financial catastrophes. Updated, with additional analysis of the government’s recent attempt to reform the banking industry, this is a timely and expert account of our troubled political economy.
Author : Jonathan Tepper
Publisher : John Wiley & Sons
Page : 349 pages
File Size : 46,62 MB
Release : 2023-04-25
Category : Business & Economics
ISBN : 1394184069
The Myth of Capitalism tells the story of how America has gone from an open, competitive marketplace to an economy where a few very powerful companies dominate key industries that affect our daily lives. Digital monopolies like Google, Facebook and Amazon act as gatekeepers to the digital world. Amazon is capturing almost all online shopping dollars. We have the illusion of choice, but for most critical decisions, we have only one or two companies, when it comes to high speed Internet, health insurance, medical care, mortgage title insurance, social networks, Internet searches, or even consumer goods like toothpaste. Every day, the average American transfers a little of their pay check to monopolists and oligopolists. The solution is vigorous anti-trust enforcement to return America to a period where competition created higher economic growth, more jobs, higher wages and a level playing field for all. The Myth of Capitalism is the story of industrial concentration, but it matters to everyone, because the stakes could not be higher. It tackles the big questions of: why is the US becoming a more unequal society, why is economic growth anemic despite trillions of dollars of federal debt and money printing, why the number of start-ups has declined, and why are workers losing out.
Author : Brandon L. Garrett
Publisher : Harvard University Press
Page : 380 pages
File Size : 25,93 MB
Release : 2014-11-03
Category : Law
ISBN : 0674744616
American courts routinely hand down harsh sentences to individual convicts, but a very different standard of justice applies to corporations. Too Big to Jail takes readers into a complex, compromised world of backroom deals, for an unprecedented look at what happens when criminal charges are brought against a major company in the United States. Federal prosecutors benefit from expansive statutes that allow an entire firm to be held liable for a crime by a single employee. But when prosecutors target the Goliaths of the corporate world, they find themselves at a huge disadvantage. The government that bailed out corporations considered too economically important to fail also negotiates settlements permitting giant firms to avoid the consequences of criminal convictions. Presenting detailed data from more than a decade of federal cases, Brandon Garrett reveals a pattern of negotiation and settlement in which prosecutors demand admissions of wrongdoing, impose penalties, and require structural reforms. However, those reforms are usually vaguely defined. Many companies pay no criminal fine, and even the biggest blockbuster payments are often greatly reduced. While companies must cooperate in the investigations, high-level employees tend to get off scot-free. The practical reality is that when prosecutors face Hydra-headed corporate defendants prepared to spend hundreds of millions on lawyers, such agreements may be the only way to get any result at all. Too Big to Jail describes concrete ways to improve corporate law enforcement by insisting on more stringent prosecution agreements, ongoing judicial review, and greater transparency.
Author : Aminatou Sow
Publisher : Simon and Schuster
Page : 256 pages
File Size : 30,12 MB
Release : 2020-07-14
Category : Family & Relationships
ISBN : 1982111925
A close friendship is one of the most influential and important relationships a human life can contain. Anyone will tell you that! But for all the rosy sentiments surrounding friendship, most people don’t talk much about what it really takes to stay close for the long haul. Now two friends, Aminatou Sow and Ann Friedman, tell the story of their equally messy and life-affirming Big Friendship in this honest and hilarious book that chronicles their first decade in one another’s lives. As the hosts of the hit podcast Call Your Girlfriend, they’ve become known for frank and intimate conversations. In this book, they bring that energy to their own friendship—its joys and its pitfalls. Aminatou and Ann define Big Friendship as a strong, significant bond that transcends life phases, geographical locations, and emotional shifts. And they should know: the two have had moments of charmed bliss and deep frustration, of profound connection and gut-wrenching alienation. They have weathered life-threatening health scares, getting fired from their dream jobs, and one unfortunate Thanksgiving dinner eaten in a car in a parking lot in Rancho Cucamonga. Through interviews with friends and experts, they have come to understand that their struggles are not unique. And that the most important part of a Big Friendship is making the decision to invest in one another again and again. An inspiring and entertaining testament to the power of society’s most underappreciated relationship, Big Friendship will invite you to think about how your own bonds are formed, challenged, and preserved. It is a call to value your friendships in all of their complexity. Actively choose them. And, sometimes, fight for them.
Author : Mark Blyth
Publisher : Oxford University Press
Page : 305 pages
File Size : 11,29 MB
Release : 2015
Category : Business & Economics
ISBN : 0199389446
In Austerity: The History of a Dangerous Idea, Mark Blyth, a renowned scholar of political economy, provides a powerful and trenchant account of the shift toward austerity policies by governments throughout the world since 2009. The issue is at the crux about how to emerge from the Great Recession, and will drive the debate for the foreseeable future.
