FINANCIAL CAPITALISM:
The current severe financial crisis has called forth questions not only about the system's parts but also about financial capitalism as a whole. This crisis - dubbed by Carmen Reinhart and Kenneth Rogoff as the "Second Great Contraction," .....
Financial Capitalism is an invention, and the process of inventing it is hardly over. The system has to be thoughtfully guided into the future. Most importantly, it has to be further expanded and democratized, and humanized, so that we may reach a time when financial institutions will be even more pervasive and positive in their impact. This means giving people the ability to participate in the financial system as equals, with full information and with the resources, both human and electronic, to make active and intelligent use of their opportunities. It will mean that they truly consider themselves part of modern financial capitalism, and not the victims of the aggressive and selfish acts of a cynical financial establishment. It will mean designing new financial institutions that take account of the most up-to-date financial theory, as well as the research revolution in behavioral economics and behavioral finance that has explored the real human limitations that inhibit rational and humane decision-making.
Creating and implementing such inventions will be the best tactic to deal with economic inequality. This future is in the hands of the people, old as well as young, who might read this book.
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