Brittany's Reviews > A Failure of Capitalism: The Crisis of '08 and the Descent Into Depression

A Failure of Capitalism by Richard A. Posner
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Aug 28, 12

it was amazing
Read in August, 2012

For several months, I have had a personal side project of attempting to understand the financial crisis. That challenge has culminated with this book. Posner does an incredibly thorough job of explaining the various factors that contributed to the financial crisis, including the economic system that allowed it. I am firmly of the belief that one cannot understand the financial crisis simply by pointing fingers at financial intermediaries or regulators, because neither explanation is complete. Posner gives the full picture. He analyzes the policies and de-regulation that laid the framework for the financial crisis, the financial actions that ultimately compromised the economy, and, what is most understated in other accounts, the very fact that in our system, such actions were completely consistent with competition and rational self-interest. As such, Posner reminds us that this is no easy surface problem and no quick fix, but it certainly helps to have an explanation that is thorough and comprehensive, not for blame, but for intelligent response.
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