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ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism

Free Read ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism - by Yves Smith Free Read ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism - by Yves Smith - ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism, ECONned How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism Why are we in such a financial mess today There are lots of proximate causes over leverage global imbalances bad financial technology that lead to widespread underestimation of risk But these are al

  • Title: ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism
  • Author: Yves Smith
  • ISBN: 9780230105737
  • Page: 335
  • Format: ebook

Free Read ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism - by Yves Smith, ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism, Yves Smith, ECONned How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism Why are we in such a financial mess today There are lots of proximate causes over leverage global imbalances bad financial technology that lead to widespread underestimation of risk But these are all symptoms Until we isolate and tackle fundamental causes we will fail to extirpate the disease ECONned is the f

ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism

Free Read ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism - by Yves Smith Free Read ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism - by Yves Smith - ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism, ECONned How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism Why are we in such a financial mess today There are lots of proximate causes over leverage global imbalances bad financial technology that lead to widespread underestimation of risk But these are al ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism

  • Free Read ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism - by Yves Smith
    335Yves Smith
ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism

819 Comment ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism

  1. What strange beast is this This book s original subtitle how the myth of free markets wrecked our economy got a last minute change to this fluffery about unenlightened self interest an obvious turnaround from what could have been a radical critique She really does posit that free markets are a myth very persuasively but you have to wade out to page 154, after lots of finance industry shop talk, to find it Elsewhere I get alternately entranced and cross eyed.This reads like the strangest jumble o [...]


  2. This is quite possibly one of the best books I ve ever read I ve been desperately seeking a clearly written, thorough critique of neo classical economics the foundation of our entire modern capitalist economy This is it It s a fairly well known fact that modern economics sells itself as a hard science with clear, logically proven conclusions based on firm premises Modern economics has become nearly synonymous with theoretical mathematics without acknowledgment the theoretical party adding to the [...]


  3. ECONned is a strangely assembled book a kind of mulligatawney stew of essays put together into a single volume Yves Smith s editors need to be soundly thwacked over this It s not that the book is bad, or that it s poorly written It s just that the pieces of the book don t really quite fit.Her first section is a sharp critique of economic modelling and neoclassical economics as a theory a critique of economics as a profession she doesn t think it isor maybe can ever bea science Jos Stiglitz cover [...]


  4. Everyone has a villain to blame for our current economic fiasco, but as far as I know, only Yves Smith points the finger at the most obvious target the intellectual gurus of our material world, the economists For decades, she says, they have been preoccupied with a misguided effort to create a science of economics , an enterprise that has led them to focus exclusively on measurable phenomena and a simplistic model of a free market She calls it a Potemkin science that falls apart when confronted [...]


  5. Not a page turner But in this era of BS, a highly useful reference for going back and remembering what happened and didn t happen in the global financial meltdown of 2008.


  6. The only reason I didn t give this book five stars was because there were parts of it that were over my head Note that this is not the author s fault She does an excellent job of trying to make some exceptionally complicated content accessible to a lay reader I understood most of the economic philosophy and political arguments What eluded me were the intricacies of how the toxic assets were structured I got enough to get the gist of her argument, which made sense, but I m left wondering if I had [...]


  7. Information contained in the book is important for everyone to hear If someone hasn t heard it before, there are better books out there on the financial crisis, but in the end it does an adequate job laying out the facts My issue with it is that the presentation felt occasionally unprofessional and shallow It was going for a casual tone, but didn t really succeed Which was a shame because I would have liked to recommend this book .


  8. This was a very good critique of neoclassical economics and the combination of stupidity and corruption that led to the Great Recession This was one of the complicated and technical, advanced kind of critiques I have seen and wouldn t recommend it as a first for anyone seeking to understand what happened.


  9. It makes the causes of the current state of the economy clear, and doesn t pull any punches when it comes to naming those responsobley including us, the consumer credit junkies Failed or unproven theories were used, and neoclassical economics proved to be a complete fallacy Yet the geniuses who drove us off a cliff just got a brand new bus to drive us to the next disaster.


  10. It took a long time to work through all the chapters in the book, but it was well worth it The end chapter about the currert financial crisis uses all the acronyms introduced earlier and finally explains what the whole thing was about Well worth the time this may be the most important book I ve read in years.


  11. This is far and away the best book I ve read about the current financial crisis Yves Smith does a great job explaining the hows and whys of financial risk taking.


  12. I was interested in reading about how unenlightened self interest undermined democracy and corrupted capitalism , however instead I got a book only someone with a degree in Economics could understand There were terms and other things referenced that I didn t understand, so I had to stop reading the book after a few chapters, it was really hard to get through Maybe I ll try reading it again in a few years.I would recommend it to people who know a lot about economics.


  13. It s definitely a breath of fresh air Simple and mostly fast paced.Questions the conflict of interests of the several shareholders of the modern day information economy.Read this with the Flash Boys by Michael Lewis and you are good to go Or you might as well see the documentary


  14. I first encountered Yves Smith by way of her blog, Naked Capitalism, where she skilfully dissects the economic events of the day With the help of that blog I worked my way through the economic collapse so it was a cinch that this book would appeal to me.Smith is a clear writer, very matter of fact which is a good thing on such a dense topic as economics She makes the case made in great detail by Australian academic Steve Keen in his Debunking Economics that the assumptions upon which modern econ [...]


  15. If you re interested in getting a decent high level understanding of the financial instruments created by the financial sector in the past decade or two, and in the changes in the incentive structures at banks and other financial sector players, this book is highly recommended It will provide you with accessible explanations of the various instruments they thought up, as well as how those relate to each other though slightly less detailed when it comes to the exact reasons why the instruments cr [...]


  16. This is an amazing book It is a very well written book and, mainly, a very important one The reason why I gave it a five stars score is proportional with the relevance and the proportional seriousness the author put in it It is easy, when we read economy books, to be presented with a biased view of reality as well as an underlying agenda This book is well documented, unbiased and very analytical It is not an easy read to make I m not an economics expert an as such I had some hard time to underst [...]


  17. Thank goodness I am finally finished reading this book The jacket description describes ECONned How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism as intelligently written for the layman If you are not an Economics major, be warned This is not true Or it is, as long as you re prepared to learn the entire history of Economic theory before you finally get to Smith s thesis.This book contains an interesting argument, about a very dry topic, written in a very dry way I wou [...]


  18. This was my first book club pick that I hadn t read previously I wanted something on the recent financial collapse, and I think this one worked out pretty well.The book itself was pretty slow going we actually postponed our meeting because no one had finished it, and I was the only one who managed to finish it by meeting date Nonetheless I think it offers some pretty valuable information about what happened, the failures of economic theory, and the currently state of financial regulation Am not [...]


  19. I have to stop reading books on economics for a while Books like this, which is well written and forcefully makes many valuable points, are starting to leave me too angry for words No wonder the american educational system is steadily falling behind other countries at an increasing pace It produces people who actually accept the neo classical economic hogwash that this book like so many others exposes as poorly reasoned nonsense.I ll stick to arguing with my MIT economist neighbor At least we ca [...]


  20. Yves Smith is a management consultant and an economics blogger, who was interviewed on Russia Today alongside such American dissidents as Alex Jones and Lyndon LaRouche She believes that the recent world financial crisis has utterly discredited the discipline of economics, the neoclassical paradigm of which provided shoddy models of risk and reward, the money managers reliance of which caused the crisis I am unconvinced as far as I know, a great deal of economics, from the research of Nobel Priz [...]


  21. Yves Smith takes a different look at the financial crisis Instead of emphasizing the specifics although she does discuss them which she sees as symptoms, she attempts to undercut to what she considers is the root cause a lousy economic paradigm particularly the neo classical economic paradigm At times her critique is, perhaps, uncharitable, but I think she raises some valid criticisms and makes some excellent overall points Without a paradigm shift, we will see of the same though the particular [...]


  22. While there is a lot of finance speak in here and it should not be read lightly by the completely uninitiated, Smith lays out a persuasive case for tighter regulation on the financial industry as a whole The author of the Naked Capitalism blog dives into subtle implications of credit default swaps, debt obligations and incentives and I did find my mind drifting from time to time My favorite part is that rather than simply point to problems like many authors do, she proposes solutions that can be [...]


  23. Yves Smith is one of my heroes I read her economics blog Naked Capitalism every day I think the views she expresses and others that she gives a platform to are vital This book is about the crash and is therefore somewhat easily dated What is not dated however, is her explanation of what when wrong and the pivotal role that the economics profession played in the making of the crisis And those dynamics continue.


  24. There s something instantaneously offputting about any female calling herself Yves Her his book goes downhill from there.Still, some of the anecdotal data are actually accurate as is the hedge fund strategy described with numerical inputs assuming of course such trades could be made The economic theory part is shaky and the tone far too polemic with no obvious reason All in all a good read on a transPacific flight.


  25. Great explanation of the causes of the Great Recession Having a little knowledge of economics and investment would probably help, but should be understandable to any intelligent high school grad As President Obama said, some of what they did wasn t illegal, but that was because they bought off the regulators and legislators And some of what the did and are still doing is blatantly illegal.


  26. A strong indictment of the field of economics, neoliberal philosophy, and the financial industry The sharpest critique I have seen so far of these three areas and US economic policy since the 1980s.I would have given the book 5 stars, but didn t because I felt that some sections were not organized well.


  27. I thought the author made her case I fully believe that there are ways in which certain unregulated markets can warp the motivations of participants, and Yves Smith does a good job of illustrating how this happens.


  28. Excellent, sometimes enraging, book Author tackles complex issues mixing the proper amounts of theory practicality A clear picture is presented as to how we got to this place with our economy and financial system, and how horrible a place we re still in A must read.


  29. This is a great book it explains the the instruments that caused the collapse Then the author gives a aggregate view of the economy She also point out that the economic models are flawed Good read.


  30. This book is well written, well argued and, though a bit technical at times, is approachable for the average reader As I am currently studying the concepts behind the material in this book, I found it an interesting critique of the subject.


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