The Myth Of Too Big To Fail

Author : I. Moosa
Publisher : Springer
ISBN 13 : 0230295053
Total Pages : 223 pages
Book Rating : 4.56/5 ( download)

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Download or read book The Myth of Too Big To Fail written by I. Moosa and published by Springer. This book was released on 2010-10-27 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Stephanie Kelton
Publisher : PublicAffairs
ISBN 13 : 1541736206
Total Pages : 311 pages
Book Rating : 4.07/5 ( download)

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Download or read book The Deficit Myth written by Stephanie Kelton and published by PublicAffairs. This book was released on 2020-06-09 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Adair Turner
Publisher : Princeton University Press
ISBN 13 : 0691175985
Total Pages : 330 pages
Book Rating : 4.80/5 ( download)

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Download or read book Between Debt and the Devil written by Adair Turner and published by Princeton University Press. This book was released on 2017-08-02 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Robert D. Atkinson
Publisher : MIT Press
ISBN 13 : 0262345676
Total Pages : 368 pages
Book Rating : 4.75/5 ( download)

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Download or read book Big Is Beautiful written by Robert D. Atkinson and published by MIT Press. This book was released on 2018-03-30 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why small business is not the basis of American prosperity, not the foundation of American democracy, and not the champion of job creation. In this provocative book, Robert Atkinson and Michael Lind argue that small business is not, as is widely claimed, the basis of American prosperity. Small business is not responsible for most of the country's job creation and innovation. American democracy does not depend on the existence of brave bands of self-employed citizens. Small businesses are not systematically discriminated against by government policy makers. Rather, Atkinson and Lind argue, small businesses are not the font of jobs, because most small businesses fail. The only kind of small firm that contributes to technological innovation is the technological start-up, and its success depends on scaling up. The idea that self-employed citizens are the foundation of democracy is a relic of Jeffersonian dreams of an agrarian society. And governments, motivated by a confused mix of populist and free market ideology, in fact go out of their way to promote small business. Every modern president has sung the praises of small business, and every modern president, according to Atkinson and Lind, has been wrong. Pointing to the advantages of scale for job creation, productivity, innovation, and virtually all other economic benefits, Atkinson and Lind argue for a “size neutral” policy approach both in the United States and around the world that would encourage growth rather than enshrine an anachronism. If we overthrow the “small is beautiful” ideology, we will be able to recognize large firms as the engines of progress and prosperity that they are.

Author : Charles W. Calomiris
Publisher : Princeton University Press
ISBN 13 : 0691168350
Total Pages : 584 pages
Book Rating : 4.57/5 ( download)

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Download or read book Fragile by Design written by Charles W. Calomiris and published by Princeton University Press. This book was released on 2015-08-04 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why stable banking systems are so rare Why are banking systems unstable in so many countries—but not in others? The United States has had twelve systemic banking crises since 1840, while Canada has had none. The banking systems of Mexico and Brazil have not only been crisis prone but have provided miniscule amounts of credit to business enterprises and households. Analyzing the political and banking history of the United Kingdom, the United States, Canada, Mexico, and Brazil through several centuries, Fragile by Design demonstrates that chronic banking crises and scarce credit are not accidents. Calomiris and Haber combine political history and economics to examine how coalitions of politicians, bankers, and other interest groups form, why they endure, and how they generate policies that determine who gets to be a banker, who has access to credit, and who pays for bank bailouts and rescues. Fragile by Design is a revealing exploration of the ways that politics inevitably intrudes into bank regulation.

Author : Mark Blyth
Publisher : Oxford University Press
ISBN 13 : 0199389446
Total Pages : 305 pages
Book Rating : 4.45/5 ( download)

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Download or read book Austerity written by Mark Blyth and published by Oxford University Press. This book was released on 2015 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: Selected as a Financial Times Best Book of 2013 Governments today in both Europe and the United States have succeeded in casting government spending as reckless wastefulness that has made the economy worse. In contrast, they have advanced a policy of draconian budget cuts--austerity--to solve the financial crisis. We are told that we have all lived beyond our means and now need to tighten our belts. This view conveniently forgets where all that debt came from. Not from an orgy of government spending, but as the direct result of bailing out, recapitalizing, and adding liquidity to the broken banking system. Through these actions private debt was rechristened as government debt while those responsible for generating it walked away scot free, placing the blame on the state, and the burden on the taxpayer. That burden now takes the form of a global turn to austerity, the policy of reducing domestic wages and prices to restore competitiveness and balance the budget. The problem, according to political economist Mark Blyth, is that austerity is a very dangerous idea. First of all, it doesn't work. As the past four years and countless historical examples from the last 100 years show, while it makes sense for any one state to try and cut its way to growth, it simply cannot work when all states try it simultaneously: all we do is shrink the economy. In the worst case, austerity policies worsened the Great Depression and created the conditions for seizures of power by the forces responsible for the Second World War: the Nazis and the Japanese military establishment. As Blyth amply demonstrates, the arguments for austerity are tenuous and the evidence thin. Rather than expanding growth and opportunity, the repeated revival of this dead economic idea has almost always led to low growth along with increases in wealth and income inequality. Austerity demolishes the conventional wisdom, marshaling an army of facts to demand that we austerity for what it is, and what it costs us.

Author : Simon Johnson
Publisher : Vintage
ISBN 13 : 030747660X
Total Pages : 338 pages
Book Rating : 4.09/5 ( download)

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Download or read book 13 Bankers written by Simon Johnson and published by Vintage. This book was released on 2011-01-11 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Anat Admati
Publisher : Princeton University Press
ISBN 13 : 0691251703
Total Pages : 624 pages
Book Rating : 4.07/5 ( download)

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Download or read book The Bankers’ New Clothes written by Anat Admati and published by Princeton University Press. This book was released on 2024-01-09 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Wall Street Journal, Financial Times, and Bloomberg Businessweek Book of the Year Why our banking system is broken—and what we must do to fix it New bank failures have been a rude awakening for everyone who believed that the banking industry was reformed after the Global Financial Crisis—and that we’d never again have to choose between massive bailouts and financial havoc. The Bankers’ New Clothes uncovers just how little things have changed—and why banks are still so dangerous. Writing in clear language that anyone can understand, Anat Admati and Martin Hellwig debunk the false and misleading claims of bankers, regulators, politicians, academics, and others who oppose effective reform, and they explain how the banking system can be made safer and healthier. Thoroughly updated for a world where bank failures have made a dramatic return, this acclaimed and important book now features a new preface and four new chapters that expose the shortcomings of current policies and reveal how the dominance of banking even presents dangers to the rule of law and democracy itself.

Author : Michael J. Sandel
Publisher : Farrar, Straus and Giroux
ISBN 13 : 0374720991
Total Pages : 288 pages
Book Rating : 4.95/5 ( download)

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Download or read book The Tyranny of Merit written by Michael J. Sandel and published by Farrar, Straus and Giroux. This book was released on 2020-09-15 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Times Literary Supplement’s Book of the Year 2020 A New Statesman's Best Book of 2020 A Bloomberg's Best Book of 2020 A Guardian Best Book About Ideas of 2020 The world-renowned philosopher and author of the bestselling Justice explores the central question of our time: What has become of the common good? These are dangerous times for democracy. We live in an age of winners and losers, where the odds are stacked in favor of the already fortunate. Stalled social mobility and entrenched inequality give the lie to the American credo that "you can make it if you try". The consequence is a brew of anger and frustration that has fueled populist protest and extreme polarization, and led to deep distrust of both government and our fellow citizens--leaving us morally unprepared to face the profound challenges of our time. World-renowned philosopher Michael J. Sandel argues that to overcome the crises that are upending our world, we must rethink the attitudes toward success and failure that have accompanied globalization and rising inequality. Sandel shows the hubris a meritocracy generates among the winners and the harsh judgement it imposes on those left behind, and traces the dire consequences across a wide swath of American life. He offers an alternative way of thinking about success--more attentive to the role of luck in human affairs, more conducive to an ethic of humility and solidarity, and more affirming of the dignity of work. The Tyranny of Merit points us toward a hopeful vision of a new politics of the common good.

Author : Scott O. Lilienfeld
Publisher : John Wiley & Sons
ISBN 13 : 1444360744
Total Pages : 358 pages
Book Rating : 4.45/5 ( download)

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Download or read book 50 Great Myths of Popular Psychology written by Scott O. Lilienfeld and published by John Wiley & Sons. This book was released on 2011-09-15 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: 50 Great Myths of Popular Psychology uses popular myths as a vehicle for helping students and laypersons to distinguish science from pseudoscience. Uses common myths as a vehicle for exploring how to distinguish factual from fictional claims in popular psychology Explores topics that readers will relate to, but often misunderstand, such as 'opposites attract', 'people use only 10% of their brains', and 'handwriting reveals your personality' Provides a 'mythbusting kit' for evaluating folk psychology claims in everyday life Teaches essential critical thinking skills through detailed discussions of each myth Includes over 200 additional psychological myths for readers to explore Contains an Appendix of useful Web Sites for examining psychological myths Features a postscript of remarkable psychological findings that sound like myths but that are true Engaging and accessible writing style that appeals to students and lay readers alike