This gripping book demonstrates how the realms of finance and politics—of bankers and Bolsheviks—grew increasingly intertwined, and how investing in Russia became a political act with unforeseen repercussions. The past few years have shown that risks in banking can impose significant costs on the economy. Many claim, however, that a safer banking system would require sacrificing lending and economic growth. The Bankers' New Clothes examines this claim and the narratives used by bankers, politicians, and regulators to rationalize the lack of reform, exposing them as invalid.
Anat Admati and Martin Hellwig argue that we can have a safer and healthier banking system without sacrificing any of its benefits, and at essentially no cost to society. They seek to engage the broader public in the debate by cutting through the jargon of banking, clearing the fog of confusion, and presenting the issues in simple and accessible terms.
The untold story of how America once created the most successful economy the world has ever seen and how we can do it again. The American economy glitters on the outside, but the reality is quite different. Job opportunities and economic growth are increasingly concentrated in a few crowded coastal enclaves. Corporations and investors are disproportionately developing technologies that benefit the wealthiest Americans in the most prosperous areas--and destroying middle class jobs elsewhere.
To turn this tide, we must look to a brilliant and all-but-forgotten American success story and embark on a plan that will create the industries of the future--and the jobs that go with them. Beginning in , massive public investment generated breakthroughs in science and technology that first helped win WWII and then created the most successful economy the world has ever seen.
Private enterprise then built on these breakthroughs to create new industries--such as radar, jet engines, digital computers, mobile telecommunications, life-saving medicines, and the internet-- that became the catalyst for broader economic growth that generated millions of good jobs. We lifted almost all boats, not just the yachts. Jonathan Gruber and Simon Johnson tell the story of this first American growth engine and provide the blueprint for a second.
It's a visionary, pragmatic, sure-to-be controversial plan that will lead to job growth and a new American economy in places now left behind. Reflections on politics, the economy, and the modern world by the 1 New York Times—bestselling author of Capital in the Twenty-First Century. For years, his newspaper columns have pierced the surface of current events to reveal the economic forces underneath. Why Save the Bankers? Coursing with insight and flashes of wit, these brief essays offer a view of recent history through the eyes of one of the most influential economic thinkers of our time.
Helps make sense of recent financial history. A trillion dollar financial industry is revolutionizing the global economy. By engaging critically with the complexities of international finance, it has evolved and adapted into a world emerging from the economic and moral aftermath of a global financial crisis.
But with an increasing Western interest, is it able to remain true to the principles of its faith? Or is Islamic finance guilty of the very dangers it seeks to avoid? 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. However, that was not always the case. Even before he became president, Thomas Jefferson was careful about big banks.
Presenting this premise — that the legislature must separate the big banks counters the tried and true way of thinking. In this way, the book is entertaining and compelling. Readers state that it is one of the best books on the financial crisis they have ever read. We recommend this timely account of the troubled political economy to all readers who would like to gain insight into the history of Wall Street and how it functions.
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