Godina izdanja: 2009
ISBN: 9780674035140
Oblast: Ekonomija
Jezik: Engleski
Autor: Strani

Harvard University Press 2009 346 strana

odlična očuvanost

A Failure of Capitalism: The Crisis of `08 and the Descent into Depression
is a 2009 book by the prominent American legal scholar and federal judge Richard A. Posner. In it, Posner, a longtime advocate of free-market economics, delivers a significant critique of laissez-faire capitalism, arguing that the 2008 financial crisis was a market failure that required substantial government intervention and a reevaluation of regulatory policies.
Key Themes and Arguments

Market, not Government, Failure: Departing from typical conservative arguments that blamed government interference (like home-ownership initiatives), Posner asserts that the crisis was fundamentally a failure of the private market, exacerbated by a lack of rational government oversight and an ideological blindness to warning signs.
`Rational` Risky Behavior: He argues that the financial crisis was a result of rational self-interested behavior by market actors operating within a deficient regulatory framework. For instance, bankers` compensation structures incentivized short-term, high-risk lending, where they profited handsomely from success but were insulated from failure (e.g., via large severance packages). This led to a `race to the bottom` in terms of risk.