A Call for Judgment: Sensible Finance for a Dynamic Economy-ExLibrary

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Publication Year: 2010 Format: Hardcover
Language: English ISBN:

9780199756070

EAN:

9780199756070

A Call for Judgment: Sensible Finance for a Dynamic Economy-ExLibrary

Product Details

Synopsis
In the wake of the financial crisis, anxious questions have arisen about the very sustainability of our economic system. Has capitalism failed? Does it require top-to-bottom reform? In A Call for Judgment, acclaimed economist Amar Bhide resists the impulse for drastic change, instead offering a blueprint for correcting the historic misalignment between the numbers-driven financial sector and the innovation-driven “real economy.” Bhide warns us that modern finance is on a collision course with the true heart of capitalism: innovation and entrepreneurship. Deepening this disconnect is the growing complexity of banks, which habitually fail to hold bankers accountable for their mistakes, while blatantly subverting the tough banking rules established in the 1930s. As Bhide makes clear, the erosion of these rules displaced traditional relationship-based lending in favor of liquid, anonymous securities, which ultimately succeeded in depriving large banks (and other publicly traded companies) of oversight by investors with first-hand knowledge of the business or its managers. Identifying this lack of monitoring as a fatal flaw that destabilized the economy and helped trigger the financial crisis, Bhide pushes for tough, straightforward limits on the activities of commercial banks and financial instruments such as money market funds. And, in a no-nonsense, well-researched call to arms, he convincingly argues for shifting the responsibilities of regulators – and the rules they enforce – to the real experts: talented, enterprising individuals. This timely, indispensable resource is both a primer on the role of finance in the modern economy and a cautionary tale about the pitfalls of banks functioning as highly centralized, mechanistic entities. Most of all, it reaffirms the dynamic essence of capitalism – which has given so many the chance to apply their imagination and judgment – as the key to future prosperity. Our prosperity requires the enterprise of innumerable individuals and businesses who exercise their imagination and judgment-and bear responsibility for outcomes. And widespread enterprise is fostered through dialogue and relationships, not merely prices in anonymous markets. Yet modern finance blatantly neglects these necessary elements for enterprise. In the last several decades finance has become increasingly centralized, distanced, and mechanistic. Instead of many lending officers making judgments about borrowers they know, credit decisions are the output of the models of a few Wall Street wizards and credit agencies. This robotic centralized finance stifles the dynamism of the real economy and leads to recurring collapses. A Call for Judgment clearly explains how bad theories and mis-regulation have caused a dangerous divergence between the real economy and finance. In simple language Bhide takes apart the so-called advances in modern finance, showing how backward-looking, top-down models were used to mass-produce toxic products. Thanks to excessively tight securities laws and loose banking laws, anonymous transactions have displaced relationship-based finance. And Bhide offers, tough simple rules for restoring relationships and case-by-case judgment: limit banks–and all deposit taking institutions–to basic lending and nothing else. A Call for Judgment is both a primer on the role of finance in a dynamic modern economy, and a cautionary tale about the pitfalls of banks functioning as highly centralized, mechanistic entities. It is essential reading for anyone interested in bringing the economy back to a point at which decisions can be made that foster organic economic growth without the potentially disastrous risks currently accepted by modern finance.” This text explains in a clear way how bad theories and mis-regulation have caused this dangerous divergence between the real economy and finance. The author lays out how so-called advances in modern finance helped mass-produce toxic products, based on backward-looking, top-down models that have no place in today’s world.

Product Identifiers
ISBN-10 0199756074
ISBN-13 9780199756070

Key Details
Author Amar Bhide
Number Of Pages 384 pages
Format Hardcover
Publication Date 2010-10-07
Language English
Publisher Oxford University Press, Incorporated
Publication Year 2010

Additional Details
Copyright Date 2010

Dimensions
Weight 21.2 Oz
Height 1 In.
Width 6.4 In.
Length 9.3 In.

Target Audience
Group Trade

Classification Method
LCCN 2010-011238
LC Classification Number HG181.B42 2010
Dewey Decimal 332.0973
Dewey Edition 22

Reviews
“Events have raised large questions about the academic theories supporting the concept that our heavily ‘engineered’ financial markets are self-disciplined and efficiently allocate capital. Amar Bhid�’s skeptical analysis should stimulate basic reconsideration.”–Paul Volcker, chairman of the Economic Recovery Advisory Board and former chairman of the Federal Reserve “This great book, Amar Bhid�’s third in a decade, is an essential and distinct contribution in our hour of need. It first reformulates how modern capitalism does what it does best–innovation. Then, in high gear, it shows us how our capitalism has been brought down by a thousand cuts: the idea that rational investors always know precisely what they’re doing, the perversion of the banking industry, the errors of deregulation and the striking errors in some new regulations.A Call for Judgmentis not a cry for some auto da f� on Wall Street but rather a brilliant and reasoned plea for a basic revamp of our capitalist institutions so as to regain the dynamism of old.”–Edmund S. Phelps, McVickar Professor of Political Economy and Director of the Center on Capitalism and Society, Columbia University, and 2006 Nobel laureate in Economics “A Call for Judgmentis an intellectual firecracker–full of wisdom, common sense, and hard-hitting reform proposals. Few other writers, if any, can match Amar Bhid�’s deep knowledge of economic theory and historical detail with his first-hand experience in both entrepreneurship and real-world finance. It’s hard to imagine a more useful analysis or guide for what must now be done.”–Thomas K. McCraw, Straus Professor of Business History, Emeritus, Harvard Business School, author ofProphet of Innovation: Joseph Schumpeter and Creative Destruction “A Call for Judgmentpresents many interesting insights on necessary innovations in the world of today and tomorrow. Amar Bhid� prompts also some conclusions for improving the rules and ways for future banking-supervision in the United States. This book is a very positive contribution to a necessary debate.”–Hans Tietmeyer, former president, Deutsche Bundesbank “Amar Bhid�’s analysis of the economic crisis that exploded on us a few years ago is extremely informative and thought provoking. He writes from an experience both in business, where he could see what was going on around him, and in academia, where he has had the time to study and reflect on what happened and why. Bhid�’s discussion of what we need to do to avoid a recurrence is illuminating and persuasive.”–Richard R. Nelson, George Blumenthal Professor of International and Public Affairs, Business, and Law, Emeritus, Columbia University and winner of the 2006 Honda Prize and co-author ofAn Evolutionary Theory of Economic Change “This great book, Amar Bhidé’s third in a decade, is an essential and distinct contribution in our hour of need. It first reformulates how modern capitalism does what it does best–innovation. Then, in high gear, it shows us how our capitalism has been brought down by a thousand cuts: the idea that rational investors always know precisely what they’re doing, the perversion of the banking industry, the errors of deregulation and the striking errors in some new regulations. A Call for Judgment is not a cry for some auto da fé on Wall Street but rather a brilliant and reasoned plea for a basic revamp of our capitalist institutions so as to regain the dynamism of old.”–Edmund S. Phelps, McVickar Professor of Political Economy and Director of the Center on Capitalism and Society, Columbia University, and 2006 Nobel laureate in Economics” A Call for Judgment is an intellectual firecracker–full of wisdom, common sense, and hard-hitting reform proposals. Few other writers, if any, can match Amar Bhidé’s deep knowledge of economic theory and historical detail with his first-hand experience in both entrepreneurship and real-world finance. It’s hard to imagine a more useful analysis or guide for what must now be done.”–Thomas K. McCraw, Straus Professor of Business History, Emeritus, Harvard Business School, author of Prophet of Innovation: Joseph Schumpeter and Creative Destruction “This great book, Amar Bhid�’s third in a decade, is an essential and distinct contribution in our hour of need. It first reformulates how modern capitalism does what it does best–innovation. Then, in high gear, it shows us how our capitalism has been brought down by a thousand cuts: the idea that rational investors always know precisely what they’re doing, the perversion of the banking industry, the errors of deregulation and the striking errors in some new regulations. A Call for Judgment is not a cry for some auto da f� on Wall Street but rather a brilliant and reasoned plea for a basic revamp of our capitalist institutions so as to regain the dynamism of old.”–Edmund S. Phelps, McVickar Professor of Political Economy and Director of the Center on Capitalism and Society, Columbia University, and 2006 Nobel laureate in Economics” A Call for Judgment is an intellectual firecracker–full of wisdom, common sense, and hard-hitting reform proposals. Few other writers, if any, can match Amar Bhid�’s deep knowledge of economic theory and historical detail with his first-hand experience in both entrepreneurship and real-world finance. It’s hard to imagine a more useful analysis or guide for what must now be done.”–Thomas K. McCraw, Straus Professor of Business History, Emeritus, Harvard Business School, author of Prophet of Innovation: Joseph Schumpeter and Creative Destruction A Call for Judgment is an intellectual firecracker – full of wisdom, common sense, and hard-hitting reform proposals. Few other writers, if any, can match Amar Bhide’s deep knowledge of economic theory and historical detail with his first-hand experience in both entrepreneurship and real-world finance. It’s hard to imagine a more useful analysis or guide for what must now be done. A Call for Judgment presents many interesting insights on necessary innovations in the world of today and tomorrow. Amar Bhide prompts also some conclusions for improving the rules and ways for future banking-supervision in the United States. This book is a very positive contribution to a necessary debate. Amar Bhide’s analysis of the economic crisis that exploded on us a few years ago is extremely informative and thought provoking. He writes from an experience both in business, where he could see what was going on around him, and in academia, where he has had the time to study and reflect on what happened and why. Bhide’s discussion of what we need to do to avoid a recurrence is illuminating and persuasive. I greatly enjoyed this book. It covers a lot of ground and might, therefore, seem daunting. Significantly, though, I found it an increasingly compelling read and concluded that it delivers an impressive and valuable contribution to what ought to remain an absolutely central issue from the perspective of the proper functioning of the plumbing of our economic system and, therefore, our future well-being. a valuable contribution to our understanding of financial markets. a very impressive effort, full of fascinating connections and shrewd observations

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