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Books > Business & Economics > Economics > Macroeconomics
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A Call for Judgment - Sensible Finance for a Dynamic Economy (Hardcover)
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A Call for Judgment - Sensible Finance for a Dynamic Economy (Hardcover)
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Our prosperity requires the enterprise of innumerable individuals
and businesses who exercise their imagination and judgment-and bear
responsibility for outcomes. And it is through dialogue and
relationships that widespread enterprise is fostered, not merely
prices in anonymous markets. Yet modern finance blatantly neglects
these necessary elements for enterprise, and the dynamism of the
real economy is stifled. For the last several decades finance has
become increasingly centralized, distanced, and mechanistic.
Instead of thousands of lending officers making judgments about
borrowers who they know, credit decisions are the output of the
models of a few Wall Street wizards and credit agencies whose
mistakes have widespread, sometimes disastrous consequences. A Call
for Judgment explains in a clear way how bad theories and
mis-regulation have caused this dangerous divergence between the
real economy and finance. Bhide accessibly lays out how so-called
advances in modern finance helped mass-produce toxic products,
based on backward-looking, top-down models that have no place in
today's dynamic and decentralized world. Thanks to excessively
tight securities laws and loose banking laws, anonymous
transactions have displaced relationship-based finance. Returning
to relationships and case-by-case judgment requires at a minimum
tough rules that limit banks-and all deposit taking institutions-to
basic lending and nothing else. Financing the Venturesome Economy
is essential reading for anyone interested bringing the economy
back to a point at which decisions can be made that foster organic
economic growth without the potentially disastrous risks currently
accepted by modern finance.
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