Finance and the good society / Robert J. Shiller ; with a new preface by the author.

Format:

Book

Author/Creator:

Shiller, Robert J.

Language:

English

Subjects (All):

Finance--History.

Finance.

Capitalism--History.

Capitalism.

Social justice--History.

Social justice.

Physical Description:

1 online resource (311 p.)

Edition:

With a New preface by the author

Place of Publication:

Princeton, N. J. ; Oxford : Princeton University Press, 2013.

Language Note:

English

Summary:

The reputation of the financial industry could hardly be worse than it is today in the painful aftermath of the 2008 financial crisis. New York Times best-selling economist Robert Shiller is no apologist for the sins of finance--he is probably the only person to have predicted both the stock market bubble of 2000 and the real estate bubble that led up to the subprime mortgage meltdown. But in this important and timely book, Shiller argues that, rather than condemning finance, we need to reclaim it for the common good. He makes a powerful case for recognizing that finance, far from being a parasite on society, is one of the most powerful tools we have for solving our common problems and increasing the general well-being. We need more financial innovation--not less--and finance should play a larger role in helping society achieve its goals. Challenging the public and its leaders to rethink finance and its role in society, Shiller argues that finance should be defined not merely as the manipulation of money or the management of risk but as the stewardship of society's assets. He explains how people in financial careers--from CEO, investment manager, and banker to insurer, lawyer, and regulator--can and do manage, protect, and increase these assets. He describes how finance has historically contributed to the good of society through inventions such as insurance, mortgages, savings accounts, and pensions, and argues that we need to envision new ways to rechannel financial creativity to benefit society as a whole. Ultimately, Shiller shows how society can once again harness the power of finance for the greater good.

Contents:

Frontmatter

Contents

Preface to the Paperback Edition

Preface

Introduction: Finance, Stewardship, and Our Goals

Part One. Roles and Responsibilities

1. Chief Executive Officers

2. Investment Managers

3. Bankers

4. Investment Bankers

5. Mortgage Lenders and Securitizers

6. Traders and Market Makers

7. Insurers

8. Market Designers and Financial Engineers

9. Derivatives Providers

10. Lawyers and Financial Advisers

11. Lobbyists

12. Regulators

13. Accountants and Auditors

14. Educators

15. Public Goods Financiers

16. Policy Makers in Charge of Stabilizing the Economy

17. Trustees and Nonprofit Managers

18. Philanthropists

Part Two. Finance and Its Discontents

19. Finance, Mathematics, and Beauty

20. Categorizing People: Financiers versus Artists and Other Idealists

21. An Impulse for Risk Taking

22. An Impulse for Conventionality and Familiarity

23. Debt and Leverage

24. Some Unfortunate Incentives to Sleaziness Inherent in Finance

25. The Significance of Financial Speculation

26. Speculative Bubbles and Their Costs to Society

27. Inequality and Injustice

28. Problems with Philanthropy

29. The Dispersal of Ownership of Capital

30. The Great Illusion, Then and Now

Epilogue: Finance, Power, and Human Values

Notes

References

Index

Notes:

"Third printing, and first paperback printing, with a new preface by the author, 2013. Paperback ISBN 987-0-691-15809-9" -- verso of title page.

Includes bibliographical references (p. 257-272) and index.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 08. Jul 2019)

ISBN:

9781400846177

140084617X

OCLC:

845252345