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- Product code: 13583
- ISBN: 0471899631,
ISBN13: 9780471899631,
280 pages, hardback
Published by John Wiley & Sons on 2001
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Description of Cowardly Capitalism |
In a controversial new book sure to spark debate throughout the world financial community, British financial journalist and investment expert Daniel Ben-Ami makes a strong case against the current trend toward increased government regulation of the international money markets. In stark contrast to the accepted wisdom, promulgated by the likes of Soros and Krugman, Ben-Ami avers that the real problem currently threatening global finance is not wanton risk-taking, but excessive risk aversion.
Rather than reduce the likelihood of financial crises, he believes that greater intervention will bring greater problems including panic waves that could crush the economies of entire regions in a matter of hours. Writing in a lively style, devoid of mathematics, and using many allusions to current affairs, pop culture, and business publishing to illustrate his arguments, Ben-Ami makes this book an enjoyable, highly accessible read.
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Contents of Cowardly Capitalism |
Introduction - Aim and overview
The main aim of this book is to argue that risk aversion in finance - as opposed to reckless risk-taking - is a serious problem.
1. Out of control
Aim: to question the view that global finance threatens to destabilise the world economy and even entire countries
2. Rogues in red braces
Aim: to critically examine the notion of the financial casino
3. Rocket scientists
Aim: to show how financial theory, in parallel with practice, has come to embody risk aversion
4. Neurotic finance
Aim: to argue that contemporary finance - especially
commercial banking, insurance, the stock market and offshore finance - is characterised more by risk-aversion rather than excessive risk taking
5. Network capitalism
Aim: to show how the massive growth of the fund management industry reflects a climate of risk aversion
6. Big numbers
Aim: to show how the derivatives market and hedge funds, often seen as the epitome of risk-taking, have grown as a result of a demand for risk management products
7. Killing the patient
Aim: to show, using concrete examples, that many of the proposals to regulate international finance are likely to make matters worse
8. Getting real
Aim: to argue that finance needs to be understood more in relation to the real economy rather than the individual outlooks of its participants
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