Progress or Collapse: The Crises of Market Greed

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Boesky was simply a low-life stock trader who was thought to be uncannily adept at stock picking, but who was, in reality, paying people off for inside information and who got caught by the authorities. However, Stone failed to take advantage of a golden opportunity to achieve possible film immortality and focused on Boesky which limited the scope and power of the film.

The Crises of Market Greed, 1st Edition

Share on Whatsapp whatsapp. Here's why To save globalization, its benefits need to be more broadly shared. Keynes' interventionist policies worked well during the post-war recovery, as fiscal stimulus for the reconstruction boosted demand for US goods from Europe and Japan. Sign up here. Bank of America said that it was the biggest jump in cash since the debt ceiling crisis of Given the current distribution of power and wealth, and the state of psychological and political inertia in which we are trapped, our chances of redefining progress around alternative values and embracing a new philosophy of life are slim.

In fact, Stone or his researchers must have learned of them from a speech that Boesky gave at Brandeis or Yeshiva University. Because of his unexpected success in the market, Boesky — who, in his own irony, had become an observant Jew — — was also a philanthropist of Jewish institutions. Milton Freidman was a leading economist and public intellectual in the United States in the early to middle post — World War II period. Freidman was also the leading advocate in the U.

In so far as financial markets were concerned, laissez-faire capitalism took the form of the efficient market hypothesis which postulated that the most efficient allocation and use of capital came about by the unfettered operation of financial markets and that open, unregulated markets perfectly established the economic value of financial assets. Because of the presence of competition, the self-interest of market participants cancelled itself out and was an engine of economic progress.

Freidman argued that not only was economic self-interest not to be feared, but was a force for social good, because the effect of competition was to drive the system toward efficiency. Thus, Freidman argued the more unrestrained self-interest the better — indeed, the greater the degree of naked self-interest exhibited in the market place, the greater the level and intensity of competition. In this way, the economic system would supposedly realize economic efficiency and maximize the economic welfare of society as a whole.

Supposedly, for policy reasons, society as a whole is better off with the free enterprise system than it otherwise would be, because — — not in spite — — of its reliance on the unrestrained exercise of self-interest i. The reasoning is that the greatest good for the greatest number will result from the adoption of naked self-interest as the basic driver of the economic system.

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PDF | Human progress is heading toward collapse. There are converging ecological crises looming on the horizon: climate change, peak oil, water shortages. Progress or Collapse: Medicine & Health Science Books Start reading Progress or Collapse: The Crises of Market Greed on your Kindle in .

Alas, while there is substantial social scientific evidence supporting the general functioning of markets in accordance with a rough approximation of the tenants of neoclassical economic theory, there is no empirical validity to the broad, sweeping assumptions of free market fundamentalism and laissez-faire capitalism. The competitive free enterprise system as a system is neither self-correcting of market mistakes or changed circumstances, nor self-regulating against abuses and excesses.

In fact, the apparent near instant replay of et. Nor is the efficient market hypothesis empirically true. Similarly, self-interest, or even competitive forces which it may generate, are not always engines of social good.

Progress or collapse

Indeed, greed or unrestrained self-interest is usually just that — — and in need of restraint in economic decision- making, as in life generally. To begin with, it is now abundantly clear that the efficient market hypothesis about financial markets is invalidated on a daily basis. Ask yourself who is the most respected stock trader in America?

By a wide margin, the answer would be Warren Buffet. Buffet is the principal advocate in the U.

In value investing, investors look for companies whose stock prices are undervalued by the stock market and which will rise in absolute terms and relative to their industry sector and the market as a whole. If the efficient market hypothesis applied, stocks would never be under or overvalued relative to the market.

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In the s, Michael Milken demonstrated that the exact same situation existed for corporate bonds. By establishing that the default rate on non-investment grade securities was relatively low, Milken showed that non-investment grade securities were grossly undervalued by the credit markets. By contrast, the recent sub-prime mortgage crisis has shown that mortgage-backed securities were grossly overvalued by financial markets. In fact, financial markets — indeed, the entire money economy — are inherently unstable and experience cycles based upon the expansion and contraction of credit.

In fact, but for the drastic and unprecedented actions by the Fed and the U. Treasury which have flooded the financial system with liquidity, made massive amounts of capital available to financial institutions, and even gone so far as to guarantee certain private financial obligations, the value of financial assets in the U. Thus, the current behavior of the financial system is not — and has not ever been —self-correcting.

The financial crisis, in turn, has caused a collapse of the real economy, in a pattern eerily reminiscent of the Great Depression of the s.

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Again, the current behavior of the economy is self-evidently not self-correcting. In response to the economic crisis of the s, an entirely new field of economics was developed to explain what happened called macroeconomics or Keynesian economics.

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Then, largely like now, the prevailing economic orthodoxy was represented by free market fundamentalism. Then, like now, the collapse of the financial markets leading to a genuine implosion of the real economy was viewed as highly improbable — — before the fact. Then read this book. Others cover just one aspect of the political, social, environmental and economic challenge facing humanity. But the transformation we so urgently need must start from an understanding of the interlocking system as a whole.

With his breadth of vision, fearlessness and unerring eye for the truth, this is what De Vogli provides. As De Vogli brilliantly and succinctly reveals in this wide-ranging panorama of a book, the way we live now is simply not sustainable. In the absence of desperately urgent action that redefines our relationship with the planet, the future looks endlessly bleak; that is, of course, if we have any future at all.

In a masterful and highly accessible historical review of the development of corporate globalization, he shows that any struggle to save the planet requires a direct confrontation with the Wall Street elites and neo-liberal ideologues who created and now rule our unsustainable world economy.

De Vogli shows that the world's prospects for survival depend now on repudiating the 'market greed' driving our elites and our own psyches, recanting the religion of growth, and crafting a new post-consumerist economy based on equality and our non-market needs for social fulfillment. In Progress or Collapse that story is told and analyzed with insight, revealing the depth and breadth of what we have lost due to subservience to the ideology of consumerism and greed. Anyone who hopes for a reversal of the current descent into market barbarism should read this book.

Progress or Collapse is a scary, but also stimulating essay that invites reflections, critical thinking and, above all, civic outrage. See All Customer Reviews. Shop Books. Read an excerpt of this book! Add to Wishlist. USD Sign in to Purchase Instantly. Explore Now. Buy As Gift. Overview Human progress is heading toward collapse. Show More. Average Review. Write a Review.

Progress or Collapse? New Book Explains Why Market Greed Fails Us All

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