socialmedian: Review of A Failure of Capitalism: The Crisis of '08 and the Descent into Depression (Hardcover)

Hi there. I'm Jason, one of the founders of socialmedian.

socialmedian delivers the news, filtered by your network.

We'd love to have you join in.

You can use facebook connect to sign in.

Add News Flash

User-submitted headlines for this story

Clip

Review of A Failure of Capitalism: The Crisis of '08 and the Descent into Depression (Hardcover)

Submitted by Jgmize from Google Reader

Oct 22, 2009

Summary

This is the fifth book by Richard Posner (law professor at the University of Chicago and a long-time judge on the 7th Circuit Court of Appeals) that I've read, in addition to many legal opinions.There is no question that he's brilliant and an excellent, clear, and precise writer.There is also no question about his credentials as a libertarian-leaning conservative.

Until now, that is."A Failure of Capitalism" departs consciously from the prevailing libertarian take on the current recession (or, as Judge Posner argues it should be called, "depression").In short, he believes that the depression was not mainly caused by government meddling.Rather, it is a "market failure" -- i.e., a crisis that market forces alone could not have prevented.And, given the size of this market failure, government should instead have used regulations to prevent it.

Before I got the book, I had read some indications that Judge Posner was taking this line.But in the book itself, he is crystal clear about his view that deregulation in the financial industry was a major culprit, and his rec ...Read the full article

Comments (0)

Add Your Comment