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The Death of Capital How Creative Policy Can Restore Stability 1st Edition by Michael Lewitt ISBN 0470466502 9780470466506

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Author(s): Michael Lewitt
ISBN(s): 9780470466506, 0470466502
Edition: 1
File Details: PDF, 1.80 MB
Year: 2010
Language: english
SKU: EB-1901204 Categories: , Tag:

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ISBN 10: 0470466502 
ISBN 13: 9780470466506
Author: Michael Lewitt

In The Death of Capital, respected portfolio manager and longtime investment professional Michael Lewitt looks at how the U.S. economy has increasingly been dominated by short-term speculation rather than industrial expansion in recent years. These disastrous trends, described here as financialization, ignore the fact that capital itself is a highly unstable process rather than a fixed object or category. As a result of our failure to understand the true nature of capital, we have developed a financial and regulatory system that does exactly the opposite of what it should be doing—favoring obscurity over transparency and fomenting instability rather than growth.

In explaining where we have gone wrong Lewitt pulls few punches in criticizing some of the counterproductive forces that have led to the death of capital—including Wall Street practices such as private equity and derivatives trading—which he views both as economically unproductive and morally misguided. Page by informative page, this timely guide:

  • Addresses “financialization” and its consequences, such as a weaker U.S. dollar, the destruction of American industries, and the loss of American economic and political influence
  • Explores the most important aspects of capital and capitalism through the prism of four of the world’s great economic thinkers
  • Discusses how the legal system aided economic weakening by privileging short-term investment goals
  • Calls for politically controversial reforms such as stricter regulation of hedge funds and private equity firms, banning naked credit default swaps and Structured Investment Vehicles, and principles-based reforms to improve systemic stability

Financial reform is needed to make sure capital does not die again. Filled with in-depth insights and practical advice, The Death of Capital is not just a play-by-play of the recent financial crisis, but an original and passionate analysis of the trends that led to it and what can be done in a regulatory sense to address the problems.

The Death of Capital How Creative Policy Can Restore Stability 1st Table of contents:

Chapter 1: The Death of Capital

  • The Four Essential Characteristics of Capital

  • How Capital Dies

  • The Failure of Risk Management

Chapter 2: Capital Ideas

  • Adam Smith and the Tyranny of Crowds

  • Karl Marx and the Origins of Opacity

  • John Maynard Keynes

  • Hyman Minsky

  • Lessons on Capital from the Masters

Chapter 3: Empty Promises

  • Promises Aren’t What They Used to Be

  • The Digitalization of Promises

  • Collateralized Mortgage Obligations

  • HSBC Drinks the Mortgage Kool-Aid

  • A Fetish Is Not a Promise

Chapter 4: Financialization

  • Money Begetting Money

  • Power Begetting Power

  • Theories of Financialization

  • The Monetization of Values

Chapter 5: From Innovators to Undertakers

  • The History of Private Equity Funds

  • From Boom to Bust

  • Private Equity Fees: The New Agency Problem

  • The Myth of Private Equity Returns

  • Men Behaving Badly

  • Private Equity and Cheap Debt: Birds of a Feather Flop Together

  • Private Equity Goes Public: A Study in the Oxymoronic

  • Taxing Labor as Capital

  • Calling Dr. Kervorkian?

  • Private Equity: The Long-Term Damage

  • Reform of Private Equity Firms

Chapter 6: Welcome to Jurassic Park

  • Isla Nublar

  • The New DNA of Finance

  • Warning Signs

  • Dinosaurs Turn on Their Makers

  • Bear Stearns: First Casualty

  • American International Group (AIG): Second Casualty

  • The Bond Insurers: Third Casualty

  • Taming the Beasts (Regulating Credit Derivatives)

Chapter 7: The Road to Hell

  • Satan in the Garden

  • Reverse Black Swans

  • Birth of the Prudent Man

  • The Fallacy of Diversification

Chapter 8: Finance After Armageddon

  • Obama Goes to Wall Street

  • Principles of Reform

    • Impose a Tax on Speculation

    • End Balkanized Regulation

    • Too Big to Fail

    • Improving Capital Adequacy

    • Reforming Monetary Policy

    • Enhancing Systemic Transparency

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Tags: Michael Lewitt, Capital, Policy, Restore Stability