By Michael E. Lewitt
In The demise of Capital, revered portfolio supervisor and longtime funding expert Michael Lewitt appears to be like at how the U.S. economic climate has more and more been ruled via momentary hypothesis instead of commercial growth in recent times. those disastrous traits, defined right here as financialization, forget about the truth that capital itself is a hugely risky approach instead of a hard and fast item or classification. because of our failure to appreciate the real nature of capital, we've constructed a monetary and regulatory method that does precisely the contrary of what it may be doing—favoring obscurity over transparency and fomenting instability instead of progress.
In explaining the place now we have long gone mistaken Lewitt pulls few punches in criticizing a number of the counterproductive forces that experience ended in the loss of life of capital—including Wall highway practices resembling deepest fairness and derivatives trading—which he perspectives either as economically unproductive and morally erroneous. web page through informative web page, this well timed guide:
Addresses "financialization" and its effects, similar to a weaker U.S. greenback, the destruction of yank industries, and the lack of American financial and political influence
Explores an important points of capital and capitalism during the prism of 4 of the world’s nice monetary thinkers
Discusses how the felony method aided financial weakening by means of privileging non permanent funding goals
Calls for politically arguable reforms reminiscent of stricter rules of hedge cash and personal fairness corporations, banning bare credits default swaps and established funding autos, and principles-based reforms to enhance systemic stability
Financial reform is required to ensure capital doesn't die back. jam-packed with in-depth insights and sensible suggestion, The dying of Capital is not only a play-by-play of the new monetary drawback, yet an unique and passionate research of the traits that ended in it and what should be performed in a regulatory experience to handle the problems.
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