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How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism
Palgrave Macmillan
March 2010
On Sale: March 2, 2010
256 pages
ISBN: 0230620515
EAN: 9780230620513
Hardcover
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Non-Fiction
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, yeteconomists
fearlessly prescribe how to manage them
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