Surviving Large Losses: Financial Crises, the Middle Class, and the Development of Capital Markets

Listen to a short interview with Philip T. HoffmanHost: Chris Gondek | Producer: Heron & Crane

Financial disasters often have long-range institutional consequences. When financial institutions—banks, insurance companies, brokerage firms, stock exchanges—collapse, new ones take their place, and these changes shape markets for decades or even generations. Surviving Large Losses explains why such financial crises occur, why their effects last so long, and what political and economic conditions ...