dunnettreader + regulatory_capture   9

Against Max Sawicky!
Max Sawicky has a piece in Jacobin , giving grief to Brink Lindsey and Steve Teles’ new book on rent seeking, The Captured Economy , and arguing that Dean…
political_economy  regulatory_capture  rent-seeking  demo-libertarians  inequality  from instapaper
december 2017 by dunnettreader
Jeffrey Edward Green - Rawls and the Forgotten Figure of the Most Advantaged: In Defense of Reasonable Envy toward the Superrich (2013) | American Political Science Review on JSTOR
This article aims to correct the widespread imbalance in contemporary liberal thought, which makes explicit appeal to the "least advantaged" without parallel attention to the "most advantaged" as a distinct group in need of regulatory attention. Rawls's influential theory of justice is perhaps the paradigmatic instance of this imbalance, but I show how a Rawlsian framework nonetheless provides three justifications for why implementers of liberal justice—above all, legislators—should regulate the economic prospects of a polity's richest citizens: as a heuristic device for ensuring that a system of inequalities not reach a level at which inequalities cease being mutually advantageous, as protection against excessive inequalities threatening civic liberty, and as redress for a liberal society's inability to fully realize fair equality of opportunity with regard to education and politics. Against the objection that such arguments amount to a defense of envy, insofar as they support policies that in certain instances impose economic costs on the most advantaged with negative or neutral economic impact on the rest of society, I attend to Rawls's often overlooked distinction between irrational and reasonable forms of envy, showing that any envy involved in the proposed regulation of the most advantaged falls within this latter category. - downloaded via iphone to dbox
politics-and-money  political_participation  inequality-wealth  regulatory_capture  political_philosophy  political_culture  tax_havens  Early_Republic  inequality  estate_tax  intellectual_history  inheritance  republicanism  Plato-Republic  elites-political_influence  Jefferson  Harrington  crony_capitalism  Europe-Early_Modern  fairness  article  Aristotle  social_capital  social_theory  Rawls  social_democracy  Machiavelli  Plato  inequality-opportunity  jstor  bibliography  ancient_Rome  regulation  justice  liberalism  egalitarian  regulatory_avoidance  interest_groups  legitimacy  deliberative_democracy  political_history  class_conflict  downloaded  education-elites  social_order  elites-self-destructive  Roman_Republic  ancient_Greece  republics-Ancient_v_Modern 
july 2017 by dunnettreader
Symposium: The Bailouts of 2007-2009 (Spring 2015) | AEAweb: Journal of Economic Perspectives Vol. 29 No.2
Austan D. Goolsbee and Alan B. Krueger - A Retrospective Look at Rescuing and Restructuring General Motors and Chrysler (pp. 3-24) **--** W. Scott Frame, Andreas Fuster, Joseph Tracy and James Vickery - The Rescue of Fannie Mae and Freddie Mac (pp. 25-52) **--** Charles W. Calomiris and Urooj Khan - An Assessment of TARP Assistance to Financial Institutions (pp. 53-80) **--** Robert McDonald and Anna Paulson - AIG in Hindsight (pp. 81-106) **--** Phillip Swagel - Legal, Political, and Institutional Constraints on the Financial Crisis Policy Response (pp. 107-22) -- available online, didn't download
article  journals-academic  financial_system  Great_Recession  financial_crisis  bailouts  bail-ins  capitalism-systemic_crisis  capital_markets  banking  bank_runs  shadow_banking  NBFI  securitization  credit_booms  credit_ratings  incentives-distortions  public-private_partnerships  Fannie_Mae  housing  leverage  financial_system-government_back-stop  financial_innovation  firesales  liquidity  asset_prices  Fed  lender-of-last-resort  regulatory_capture  regulatory_avoidance  credit_crunch  bankruptcy  government_agencies  government_finance  global_economy  global_governance  international_finance  international_monetary_system  international_crisis  property_rights  derivatives  clearing_&_settlement  GSEs  bubbles 
september 2015 by dunnettreader
Brad DeLong - Liberal Activism!: Federal Reserve Jackson Hole 2015 Weblogging Edition
Roundup of arguments against raising interest rates, starting with Summers. Krugman sees a split among the MIT-educated crowd of whether you're an insider with e.g. the Fed and IMF or an outsider like Summers and Krugman. Brad speculates it may be a combination of (1) Krugman's theory that "everybody wants to be Paul Volker" so wants "normalized" interest rates so they can (try to) conduct "normal" economic policy and (2) the Fed especially, being immersed in views coming from the banking sector, which still has significant input. He turns to a study from the Boston Fed -- Roger T. Johnson: Historical Beginnings: The Federal Reserve: "On June 23, 1913, President Wilson appeared before a joint session of Congress and presented his program... -- which goes into the gory details of the intense organized opposition to the creation of the Fed from the banks, and the structures that gave banks important ownership and policy influence. Downloaded pdf of Johnson study to Note
Instapaper  US_politics  economic_policy  monetary_policy  Fed  Congress  banking  lobbying  interest_rates  regulatory_capture  Krugman  Summers  downloaded 
august 2015 by dunnettreader
Steve Cecchetti and Kim Schoenholtz - An Open Letter to Bill McNabb, CEO of Vanguard Group - May 2015
Dear Mr. McNabb, We find your WSJ op-ed (Wednesday, May 6) misleading, short-sighted, self-serving, and very disappointing. Vanguard has been in the forefront… No kidding! Appaling that the money market fund industry has been allowed to reach such insane size while providing money-equivalents for all investors/savers that can't hold up in an incipient panic. If the government is going to be forced to, effectively, provide deposit insurance, at least the amounts should be capped and transparent and the risks properly priced. That the SEC couldn't get its act together on NNFs is the most glaring evidence of regulatory capture in the whole sorry mess.
financial_system  financial_regulation  financial_crisis  shadow_banking  NBFI  money_market  financial_system-government_back-stop  SEC  regulatory_capture  risk-systemic  liquidity  asset_management  asset_prices  from instapaper
may 2015 by dunnettreader
Lorena S. Walsh, review - Nuala Zahedieh, The Capital and the Colonies: London and the Atlantic Economy, 1660-1700 (2010) | EH.net Review - Feb 2011
Zahedieh finds increasing concentration of plantation commerce among large merchants specializing in particular commodities and regions in the 1680s, when falling commodity prices and increased taxes eroded profit margins and drove out small traders. Colonial merchants seldom invested in overseas property, but made a massive contribution to expansion of empire in the form of short-term credit extended to settlers. The larger operators accumulated enough capital to diversify investment into shipbuilding, slave-trading, joint-stocks, insurance, wharves, industry, landed property, loans, and public credit. This decade was a turning point, as merchant concentration and specialization led to improved productivity, economies of scale, and reduced costs. (..) attempts of the later Stuarts to corner the profits of empire by restricting free trade among Englishmen as having limited success. (..) she sees the effect of the Glorious Revolution, not as leading to an economically optimal political arrangement, but as consolidating the capacity of the transatlantic trading elite to enforce regulation in its own interests and enhance the value and scale of rent-seeking enterprises at the expense of competition and efficiency, leading to a period of slower growth in colonial trade and shipping at the end of the century. Unlike trade with Europe, colonial commerce required an unusually large fixed capital investment in the greater tonnage needed to transport large volumes of bulky goods over long distances. (..) English- and plantation-built ships were better suited to most colonial commerce than were Dutch (..) it was long-distance commerce, rather than the protection of the Navigation Acts, that revived the English shipbuilding industry. By 1700 plantation shipping accounted for 40% of London's overseas trading capacity. (..) increased education among mariners (..) managerial skills, (..) navigational instruments. (..) London's prosperity by stimulating the construction of wharfs and warehouses, (.) naval refitting, repair, and provisioning trades. Although technology and unit input costs were fairly stable across the period, increased volumes and growing experience with colonial conditions led to organizational improvements which made more efficient use of inputs. - page encoding a mess on Note - try to save page or copy to EF in Air
books  bookshelf  reviews  17thC  economic_history  British_history  British_Empire  London  colonialism  North-Weingast  American_colonies  West_Indies  trade  trade-policy  shipping  Navigation_Acts  1680s  1690s  entrepôts  economic_growth  economic_culture  Charles_II  James_II  Atlantic  capital  investment  trade_finance  Dutch  education-training  Glorious_Revolution  Whigs  Whig_Junto  City_politics  infrastructure  ports  technology  navigation  interlopers  regulatory_capture  commodities  EF-add 
january 2015 by dunnettreader
Dan Davies - What’s really wrong with bank supervision — Bull Market - October 2014— Medium
Explains what's going on in the ProPublica and This American Life exposé of FRBNY supervision of Goldman. " If you’re a bank CEO, then calling Tim Geithner for a chat — that ought to be OK. Calling Tim Geithner to complain about how your supervisor is treating you — that ought to be a third-rail, relationship-destroying, potential career ender of a call. And it isn’t, and the cultural consequences of that are as damaging as they’re predictable."
international_finance  financial_regulation  banking  regulatory_capture  hierarchy  power-asymmetric  regulation-enforcement 
october 2014 by dunnettreader

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