- Category: Books » Business & Economics » Economics - General
- Format: Hardcover Learn more about the Hardcover format using Tower WIKI.
- Publisher: Harvard University Press
- Number of Pages: 272
- ISBN: 0674035143
- WAPI (Tower ID): 113237364
- Release Date: May 15, 2009
- Average Customer Review: There are no customer reviews yet. Be the first to write a review!
- Tower.com Sales Rank: #58853 in Books (See Top 100 Books Bestsellers)
- #2608 in Business & Economics (See Top 100 Business & Economics Bestsellers)
- #134 in Economics - General (See Top 100 Economics - General Bestsellers)
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Product DescriptionMore Books by Richard A. Posner (Author)Run a Quick Search on "A Failure Of Capitalism" by Richard A. Posner to Browse Related Products:Browse more products related to "A Failure Of Capitalism"Browse more products related to "Richard A. Posner"Review"You know the story [of the fiscal crisis], and Posner tells it well, with a particular flair for showing how dozens of moving parts interacted ....By the last page, not a single lazy generalization has survived Posner's merciless scrutiny, not one populist cliché remains standing. A FAILURE OF CAPITALISM clears away whole forests of cant but leaves readers at a loss as to where to go from here. In other words, it is only a staring point--but an indispensable one." "[That government deregulation went too far] isn't an original conclusion, but the way Posner arrives at it is new and bracing...He has the rare kind of mind that is a pure pleasure to watch in action, regardless of the subject and the argument being made." Publisher's noteThe financial and economic crisis that began in 2008 is the most alarming of our lifetime because of the warp-speed at which it is occurring. How could it have happened, especially after all that we've learned from the Great Depression? Why wasn't it anticipated so that remedial steps could be taken to avoid or mitigate it? What can be done to reverse a slide into a full-blown depression? Why have the responses to date of the government and the economics profession been so lackluster? Richard Posner presents a concise and non-technical examination of this mother of all financial disasters and of the, as yet, stumbling efforts to cope with it. No previous acquaintance on the part of the reader with macroeconomics or the theory of finance is presupposed. This is a book for intelligent generalists that will interest specialists as well. AnnotationNoted jurist and author Richard A. Posner turns his considerable intellect on the financial crisis of 2008-2009, which he overtly declares is a "depression." Judge Posner identifies several contributing factors that led to the crisis, including foreign investment, executive compensation, and the aggressive practices of mortgagee companies. Posner is especially skilled at explaining complex things to the intelligent , but nonprofessional, reader. He considers two paths forward, and recommends greater oversight of the banking industry by regulators. The financial and economic crisis that began in 2008 is the most alarming of our lifetime because of the warp-speed at which it is occurring. How could it have happened, especially after all that we've learned from the Great Depression? Why wasn't it anticipated so that remedial steps could be taken to avoid or mitigate it? What can be done to reverse a slide into a full-blown depression? Why have the responses to date of the government and the economics profession been so lackluster? Richard Posner presents a concise and non-technical examination of this mother of all financial disasters and of the, as yet, stumbling efforts to cope with it. No previous acquaintance on the part of the reader with macroeconomics or the theory of finance is presupposed. This is a book for intelligent generalists that will interest specialists as well. Among the facts and causes Posner identifies are: excess savings flowing in from Asia and the reckless lowering of interest rates by the Federal Reserve Board; the relation between executive compensation, short-term profit goals, and risky lending; the housing bubble fuelled by low interest rates, aggressive mortgage marketing, and loose regulations; the low savings rate of American people; and the highly leveraged balance sheets of large financial institutions. Posner analyzes the two basic remedial approaches to the crisis, which correspond to the two theories of the cause of the Great Depression: the monetarist--that the Federal Reserve Board allowed the money supply to shrink, thus failing to prevent a disastrous deflation--and the Keynesian--that the depression was the product of a credit binge in the 1920's, a stock-market crash, and theensuing downward spiral in economic activity. Posner concludes that the pendulum swung too far and that our financial markets need to be more heavily regulated. If You Enjoy "A Failure Of Capitalism (Hardcover)", May We Also Recommend:
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