The Triple Crisis of Western Capitalism [electronic resource] : Democracy, Banking, and Currency /
Lauk, T.author.
Tillmann C. Lauk discusses law-making at the European level and argues that problems with EU legislation, banking regulation and currency debasement are due to a lack of democratic control. He insists on the need for radical reform both of banking and of international money and makes an important contribution to the debate on the future of finance.
Description based upon print version of record.
Cover; Contents; Foreword; Acknowledgements; Abbreviations; 1. Democracy; 1.0 The conceptual starting point; 1.0.1 The structure of this book; 1.1 Lawmaking on the European level; 1.2 Right to initiate legislation exclusively assigned to the executive branch - the EU Commission; 1.3 Exclusive assignment to initiate legislation tothe executive branch makes it vulnerable to the creation of 'special interest laws' or to 'structural corruption'; 1.4 'European Parliament' - unequally elected and excluded from legislation in key policy areas
1.5 Lawmaking process in 'European Parliament' isdominated by executive branch - the 'Conciliation Committee'1.6 The missing ingredient in the elections for the 'European Parliament' bringing a European democracy to life; 1.7 Permanent initiation of legislation by the EU Commission leads to undue centralization of power; 1.8 On EU level the principle of subsidiarity is only paid lip-service; 1.9 Self-contradictory concessions to democratic principles in the Lisbon Treaty; 1.10 Ongoing perforation of the principle of sufficientlyspecified conferral of power from national parliaments to the EU
1.10.1 The 'Lamfalussy Process'1.10.2 Project INDECT; 1.11 The quasi-plebiscite in Article 11, No. 4 of the Lisbon Treaty is cynically designed; 1.12 'The United States of Europe' - a democratic impossibility; 1.13 Competitive position of Europe not strengthened by deeper integration; 1.14 A cartel of political parties dominates modern mass democracies; 1.15 The introduction of plebiscitary rights as a remedy; 1.16 The problem of the self-extinguishing forces inherent in mass democracies; 1.17 A possible way out of the dilemma of deficient democratic legitimation; 1.18 Chapter summary
2. Banking2.0 When banking hurts society; 2.1 Two sources of banking regulation: statutes and the Basel rules; 2.2 The fractional reserve banking principle - a hidden subsidy; 2.3 Consistent failure of fractional reserve banking in history; 2.4 Symbiosis between governments and banks; 2.5 Can central banks sufficiently control the creation of credit money through the commercial banking system?; 2.5.1 The Great Depression; 2.5.2 Causes of the Great Depression - academia comes into play; 2.5.3 Monetarists and Keynesians; 2.5.4 Austrian School of Economics; 2.5.5 Post-Keynesians
2.5.6 Conclusion as to the causes of the Great Depression2.6 When economic 'science' hurts society - intellectually flawed foundations of the neoclassical synthesis; 2.6.1 Equilibrium dogma; 2.6.2 Rational agent dogma; 2.6.3 Efficient market dogma; 2.6.4 Complexity theory; 2.6.5 Disastrous influence of neoclassical thinking on financial establishment - obsession with deregulation; 2.6.6 Why is neoclassical synthesis still dominant - despite its disastrous failures?; 2.7 Increasing fragility of the global banking system; 2.7.1 Securitization; 2.7.2 The global derivative complex
2.7.2A Regulated derivative trading
Includes bibliographical references and index.
Tillmann C. Lauk discusses law-making at the European level and argues that problems with EU legislation, banking regulation and currency debasement are due to a lack of democratic control. He insists on the need for radical reform both of banking and of international money and makes an important contribution to the debate on the future of finance.
Risk management.
Banks and banking.
Democracy.
Macroeconomics.
Risk Management.
Banking.
Democracy.
Macroeconomics/Monetary Economics//Financial Economics.