ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism

Front Cover
Macmillan, Oct 11, 2011 - Business & Economics - 368 pages
18 Reviews

Why are we in such a financial mess today? There are lots of proximate causes: over-leverage, global imbalances, bad financial technology that lead to widespread underestimation of risk.
But these are all symptoms. Until we isolate and tackle fundamental causes, we will fail to extirpate the disease. ECONned is the first book to examine the unquestioned role of economists as policy-makers, and how they helped create an unmitigated economic disaster.

Here, Yves Smith looks at how economists in key policy positions put doctrine before hard evidence, ignoring the deteriorating conditions and rising dangers that eventually led them, and us, off the cliff and into financial meltdown. Intelligently written for the layman, Smith takes us on a terrifying investigation of the financial realm over the last twenty-five years of misrepresentations, naive interpretations of economic conditions, rationalizations of bad outcomes, and rejection of clear signs of growing instability.

In eConned, author Yves Smith reveals:

--why the measures taken by the Obama Administration are mere palliatives and are unlikely to pave the way for a solid recovery

--how economists have come to play a profoundly anti-democratic role in policy

--how financial models and concepts that were discredited more than thirty years ago are still widely used by banks, regulators, and investors

--how management and employees of major financial firms looted them, enriching themselves and leaving the mess to taxpayers

--how financial regulation enabled predatory behavior by Wall Street towards investors

--how economics has no theory of financial systems, yet economists fearlessly prescribe how to manage them

 

What people are saying - Write a review

User ratings

5 stars
10
4 stars
7
3 stars
0
2 stars
1
1 star
0

Review: ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism

User Review  - Goodreads

It took a long time to work through all the chapters in the book, but it was well worth it. The end chapter about the currert financial crisis uses all the acronyms introduced earlier and finally ... Read full review

Review: ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism

User Review  - Goodreads

ECONned is serious, and lays out in clear yet scholarly fashion the origins and nature of the 2008 financial crisis. Read full review

All 5 reviews »

Contents

ACKNOWLEDGMENTS
INTRODUCTION
CHAPTER 1
CHAPTER 2
CHAPTER 3
CHAPTER 4
CHAPTER 5
CHAPTER 6
CHAPTER 9
CHAPTER 10
AFTERWORD
APPENDIX I
APPENDIX II
NOTES
BIBLIOGRAPHY
INDEX

CHAPTER 7
CHAPTER 8

Common terms and phrases

About the author (2011)

Yves Smith is creator of the influential blog, Naked Capitalism, a top ranked economics and finance blog with over 250,000 unique visitors each month. Smith has been working in and around the financial services industry since 1980 as an investment banker, management consultant, and corporate finance advisor. Smith has appeared, on CNBC, CNN, and FOX Business News, and has written over 40 articles in venues such as The New York Times, Slate, and the Christian Science Monitor. She lives in Manhattan.

Bibliographic information