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After the Great Complacence: Financial Crisis and the Politics of Reform
What is the relationship between the financial system and politics? In a democratic system, what kind of control should elected governments have over the financial markets? What policies should be implemented to regulate them? What is the role played by different elites#151;financial, technocratic, and political#151;in the operation and regulation of the financial system? ...more
Hardcover, 256 pages
Published November 29th 2011 by Oxford University Press, USA
(first published September 29th 2011)
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Some interesting insights, superficially developed; too politically correct
The aim of this book is to convince its readers (elites? politicians? The Public?) that the finance sector must be brought under "democratic control" -- an idea the implications of which however are left somewhat vague, though their main point seems to be that banking should be simplified, and "financial innovation" curbed. The book's premise is that the 'global financial crisis' should be understood as an "elite debacle" ...more
This book is pretty heavy going for the non-academic reader, but on the whole rewarding. A lot of the concepts the authors come up with to analyse the crash are very useful and helpful. A lot of the data presentation was excellent and really made some telling points e.g. on Figure 7.2 where the authors show the real annual value of housing equity withdrawal in the UK in the boom was larger than the real increase in GDP - how could anyone looking at that data at the time (and it was available) no ...more