Lawless capitalism
Subtitle: the subprime crisis and the case for an economic rule of law
By: Steven A. Ramirez
Publisher: New York University Press
Published: 2012
Place of publication: New York
Language: eng
Number of pages: 286
ISBN-13: 9780814776490; 9780814776506; 9780814777299
Subjects: Moral and ethical aspects; Global Financial Crisis, 2008-2009; Financial crises; Law and legislation; Business and politics; Financial institutions; Liability (Law); Capitalism; Corporate governance; Law and economics
Description: "The subprime mortgage crisis has been blamed on many: the Bush Administration, Bernie Madoff, the financial industry, overzealous housing developers. Yet little scrutiny has been placed on the American legal system as a whole, even though parts of that system, such as the laws that regulate high-risk lending, have been dissected to bits and pieces. In this innovative and exhaustive study, Steven A. Ramirez posits that the subprime mortgage crisis, as well as the global macroeconomic catastrophe it spawned, is traceable to a gross failure of law. The rule of law must appropriately channel and constrain the exercise of economic and political power. Used effectively, it ensures that economic opportunity isn't limited to a small group of elites that enjoy growth at the expense of many, particularly those in vulnerable economic situations. In Lawless Capitalism, Ramirez calls for the rule of law to displace crony capitalism. Only through the rule of law, he argues, can capitalism be reconstructed"--Provided by publisher.
Notes: Includes bibliographical references and index.
Table of contents: title: Preface : a historic collapse of capitalism; title: Introduction; title: Revolution in economics (but not in law); title: The corrupted corporation; title: Animal spirits and financial regulation; title: Rigged globalization; title: The costs of economic oppression; title: The crisis in crisis management; title: The potential for an economic rule of law; title: Epilogue : legal infrastructure and the end of scarcity.