Bibliotheken Online

Finance and the good society

Robert J. Shiller

Buch

englisch

Shiller, Robert J. (Verfasser/-in) DNB

Princeton Univ. Press

Princeton, NJ [u.a.]

2012

XIII, 288 p.

978-0-691-15488-6

Includes bibliographical references (p. 257-272) and index.

history
ethics
economy
capitalism
finance

Summary:

The reputation of the financial industry could hardly be worse than it is today in the painful aftermath of the 2008 financial crisis. New York Times best-selling economist Robert Shiller is no apologist for the sins of finance--he is probably the only person to have predicted both the stock market bubble of 2000 and the real estate bubble that led up to the subprime mortgage meltdown. But in this important and timely book, Shiller argues that, rather than condemning finance, we need to reclaim it for the common good. He makes a powerful case for recognizing that finance, far from being a parasite on society, is one of the most powerful tools we have for solving our common problems and increasing the general well-being. We need more financial innovation--not less--and finance should play a larger role in helping society achieve its goals. Challenging the public and its leaders to rethink finance and its role in society, Shiller argues that finance should be defined not merely as the manipulation of money or the management of risk but as the stewardship of society's assets. He explains how people in financial careers--from CEO, investment manager, and banker to insurer, lawyer, and regulator--can and do manage, protect, and increase these assets. He describes how finance has historically contributed to the good of society through inventions such as insurance, mortgages, savings accounts, and pensions, and argues that we need to envision new ways to rechannel financial creativity to benefit society as a whole. Ultimately, Shiller shows how society can once again harness the power of finance for the greater good.

Table of Contents:
Terms of Use
Prefacep. vii
Introduction: Finance, Stewardship, and Our Goalsp. 1
Part 1Roles and Responsibilities
1 Chief Executive Officersp. 19
2 Investment Managersp. 27
3 Bankersp. 37
4 Investment Bankersp. 45
5 Mortgage Lenders and Securitizersp. 50
6 Traders and Market Makersp. 57
7 Insurersp. 64
8 Market Designers and Financial Engineersp. 69
9 Derivatives Providersp. 75
10 Lawyers and Financial Advisersp. 81
11 Lobbyistsp. 87
12 Regulatorsp. 94
13 Accountants and Auditorsp. 100
14 Educatorsp. 103
15 Public Goods Financiersp. 107
16 Policy Makers in Charge of Stabilizing the Economyp. 111
17 Trustees and Nonprofit Managersp. 119
18 Philanthropistsp. 124
Part 2Finance and Its Discontents
19 Finance, Mathematics, and Beautyp. 131
20 Categorizing People: Financiers versus Artists and Other Idealistsp. 135
21 An Impulse for Risk Takingp. 139
22 An Impulse for Conventionality and Familiarityp. 143
23 Debt and Leveragep. 151
24 Some Unfortunate Incentives to Sleaziness Inherent in Financep. 159
25 The Significance of Financial Speculationp. 168
26 Speculative Bubbles and Their Costs to Societyp. 178
27 Inequality and Injusticep. 187
28 Problems with Philanthropyp. 197
29 The Dispersal of Ownership of Capitalp. 209
30 The Great Illusion, Then and Nowp. 219
Epilogue: Finance, Power, and Human Valuesp. 231
Notesp. 241
Referencesp. 257
Indexp. 273

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