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Understanding Market Mayhem and Stabilizing our Economic Future
McGraw-Hill Professional
February 2009
On Sale: February 13, 2009
240 pages
ISBN: 0071628444
EAN: 9780071628440
Kindle: B002361NO6
Hardcover / e-Book
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Non-Fiction
From the panic of 1987 to the tech-bubble burst of 2000,
the past two decades have witnessed a series of financial
crises, each more disruptive than the last. Unfortunately,
they all seem like dress rehearsal for today's debacle.
In hindsight, the precipitating factors responsible for
each crisis seem clear, yet, in every case, mainstream
economists and policy makers were caught off guard.
Why didn't they see it coming? What should they have
known but didn't? And, most critically, how must they adjust
their thinking going forward? In the Cost of
Capitalism, Robert Barbera provides compelling answers
to all these questions. In the process, he offers the most
cogent analysis yet of today's crisis and explains how to
manage the ever present potential for mayhem intrinsic to
free market economies without stunting innovation and
growth. At the core of Barbera's thinking are three
assumptions: first, boom and bust cycles have been stoked
since 1985 by finance, not inflation; second, Main Street
stability paradoxically invites excessive risk taking on
Wall Street; and last, these things set the stage for small
setbacks to deliver cataclysmic consequences. Barbera
applauds current efforts to unabashedly infuse public money
into the global economy. It's the only way, he says, to
prevent another Great Depression. And, looking beyond the
crisis of the moment, Barbera contends that mainstream
thinkers need to form a new economic paradigm by embracing
the insights of free market champions like Joseph Schumpeter
and the cautionary wisdom of Hyman Minsky. Financial
market mayhem comes with the territory in a free market
system. Nonetheless, innovators and their bankers still
offer the world the best chance for a prosperous
twenty-first century. Economists, policymakers, and
investors must begin to redefine their understanding of free
market capitalism. The Cost of Capitalism will set
them on that course.
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