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A Call for Judgment: Sensible Finance for a Dynamic Economy

Bhide, Amar

Published by Oxford University Press, New York, 2010
ISBN 10: 0199756074 / ISBN 13: 9780199756070
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Bibliographic Details


Title: A Call for Judgment: Sensible Finance for a ...

Publisher: Oxford University Press, New York

Publication Date: 2010

Binding: Hard Cover

Book Condition: Near Fine

Dust Jacket Condition: Near Fine

Signed: Signed by Author

Edition: First Edition

Description:

First printing, full number line. Inscribed, signed, and dated by the author on the title page: "To T-- / With great admiration for your scintillating writing, enormous range and great insights. / Amar / Sept 15, 2010." Book is unmarked; spine slant; corners sharp, head of spine lightly bumped. The dust jacket is not price-clipped (original price $29.95 on back panel); Brodart protected. Bookseller Inventory # 004701

About this title:

Synopsis: 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 Bhidé 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 Bhidé 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.

About the Author:
Amar Bhidé, 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. Bhidé 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, Bhidé received a doctorate and an MBA with high distinction from the Harvard Business School.

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