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ECONned
''ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism'' is a 2010 non-fiction book by Yves Smith, author of the Naked Capitalism blog. The book describes how the deregulation of the financial industry and the systemic incentives for managers to "loot" limited liability companies led to the build-up and eventual collapse of the credit bubble during the 2000s. Smith argues that free market economists hold much of the blame for the 2008 financial crisis due to their outsized (and unchecked) influence over policy makers. In particular, she takes issue with faux empirical approaches used by economists and the masking of complex social phenomenon in simple mathematical equations, based on assumptions that are openly acknowledged to be wrong or in error. The book makes the case that overreliance on the assumption of a 'self-correcting' free market led to a period of unregulated speculation, accounting tricks, and public looting. References ''ECONned'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Naked Capitalism
Naked Capitalism is an American financial news and analysis blog that "chronicles the large scale, concerted campaign to reduce the bargaining power and pay of ordinary workers relative to investors and elite technocrats". Susan Webber, the principal of Aurora Advisors Incorporated - a management-consulting firm based in New York City - and author of ECONned, using the pen name Yves Smith, launched the site in December 2006. She focused on finance and economic news and analysis, with an emphasis on bank regulation, legal and ethics, ethical issues of the banking industry and the foreclosure, mortgage foreclosure process, the worldwide effects of the Financial crisis of 2007–2008, banking crisis of 2008, the 2007–2012 global financial crisis, and its aftermath. The site has had over 60 million visitors since 2007, and was cited as among CNBC's 2012 top 25 "Best Alternative Financial Blogs", calling Smith "a harsh critic of Wall Street who believes that fraud was at the center o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |