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Bravely Tackled, a must read
Yves Smith has the creds to back up her assertions about the Great Recession. She has worked in the financial markets, and writes with a commanding voice on both current economic conditions as well as the history of thought and debate which has brought us to this point in 2010. This is not a gossipy work on who-did-what-when, nor is it narrowly concerned with a single topic, but a high altitude tour over a landscape of shortsighted greed. Specifically, Smith takes on the prevailing economics orthodoxy that free markets work best and that free markets bring about the greatest social good. She illustrates exactly how this thinking was distorted and sold, how contrary thinking was at times suppressed, as well as documenting how policymakers have adopted this and brought about the current financial crisis.
To date, this is probably the most useful discussion on economic policy in the US.4 out of 4 people found this review helpful.
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Econned
Neoclassical economists contend that the economy naturally seeks equilibrium, an optimal point where the supply of goods and services equals the demand. This intellectual view has encouraged politicians to deregulate markets to make them more competitive and efficient. But deregulation of financial markets has been a failed experiment in freeing banks and investment firms, says financial writer Yves Smith. She argues, convincingly, that the global financial crisis that began in 2007 has provided ample justification for greater regulation of banks and other related institutions. This book went to press in late 2009, prior to the 2010 passage of the Dodd-Frank Act, a sweeping reform of the US financial services industry that embodies some of the author’s proposed changes. getAbstract suggests Smith’s book to all those affected by the 2008 meltdown for its incisive description of the symptoms, causes of and cures for the financial crisis.
2 out of 2 people found this review helpful.
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