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Call for Judgment: Sensible Finance for a Dynamic Economy
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Call for Judgment: Sensible Finance for a Dynamic Economy Hard cover - 2010 - 1st Edition

by Amar Bhide

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Hard Cover. New. New Book; Fast Shipping from UK; Not signed; Not First Edition; A Call for Judgment explains in a clear way how bad theories and mis-regulation have caused a dangerous divergence between the real economy and modern finance. It is essential reading for anyone interested bringing the economy back to a
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Details

  • Title Call for Judgment: Sensible Finance for a Dynamic Economy
  • Author Amar Bhide
  • Binding Hard Cover
  • Edition number 1st
  • Edition 1
  • Condition New
  • Pages 368
  • Volumes 1
  • Language ENG
  • Publisher Oxford University Press, USA, New York NY
  • Date 2010-10-07
  • Features Bibliography, Dust Cover, Index, Table of Contents
  • Bookseller's Inventory # ria9780199756070_pod
  • ISBN 9780199756070 / 0199756074
  • Weight 1.41 lbs (0.64 kg)
  • Dimensions 9.3 x 6.5 x 1 in (23.62 x 16.51 x 2.54 cm)
  • Library of Congress subjects United States - Economic policy, Finance - United States
  • Dewey Decimal Code 332.097

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From the publisher

Our prosperity requires the enterprise of innumerable individuals and businesses who exercise their imagination and judgment-and bear responsibility for outcomes. And widespread enterprise is fostered through dialogue and relationships, not merely prices in anonymous markets. Yet modern finance blatantly neglects these necessary elements for enterprise. In the last several decades finance has become increasingly centralized, distanced, and mechanistic. Instead of many lending officers making judgments about borrowers they know, credit decisions are the output of the models of a few Wall Street wizards and credit agencies. This robotic centralized finance stifles the dynamism of the real economy and leads to recurring collapses.

A Call for Judgment clearly explains how bad theories and mis-regulation have caused a dangerous divergence between the real economy and finance. In simple language Bhid takes apart the so-called advances in modern finance, showing how backward-looking, top-down models were used to mass-produce toxic products. Thanks to excessively tight securities laws and loose banking laws, anonymous transactions have displaced relationship-based finance. And Bhid offers, tough simple rules for restoring relationships and case-by-case judgment: limit banks--and all deposit taking institutions--to basic lending and nothing else.

A Call for Judgment is both a primer on the role of finance in a dynamic modern economy, and a cautionary tale about the pitfalls of banks functioning as highly centralized, mechanistic entities. It is essential reading for anyone interested in bringing the economy back to a point at which decisions can be made that foster organic economic growth without the potentially disastrous risks currently accepted by modern finance.

Media reviews

Citations

  • Choice, 09/01/2011, Page 0
  • Library Journal, 10/01/2010, Page 81

About the author

Amar Bhid, Schmidheiny Professor at the Fletcher School at Tufts University, has served as Glaubinger Professor of Business at Columbia University, a consultant at McKinsey & Company and a proprietary trader at E.F. Hutton. Bhid is a founding member of the Center on Capitalism and Society, editor of Capitalism and Society, and has written about the financial crisis in the Wall Street Journal, Business Week, and Forbes. Author of The Venturesome Economy, The Origin and Evolution of New Businesses, and Of Politics and Economic Reality, Bhid received a doctorate and an MBA with high distinction from the Harvard Business School.

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