Well-functioning financial markets are crucial for the economic well-being and the justice of contemporary societies. The Great Financial Crisis has shown that a perspective that naively trusts in the self-regulating powers of free markets cannot capture what is at stake in understanding and regulating financial markets. The damage done by the Great Financial Crisis, including its distributive consequences, raises serious questions about the justice of financial markets as we know them. This volume brings together leading scholars from political theory, law, and economics in order to explore the relation between justice and financial markets. Broadening the perspective from a purely economic one to a liberal egalitarian one, the volume explores foundational normative questions about how to conceptualize justice in relation to financial markets, the biases in the legal frameworks of financial markets that produce unjust outcomes, and perspectives of justice on specific institutions and practices in contemporary financial markets. Written in a clear and accessible language, the volume presents analyses of how financial markets (should) function and how the Great Financial Crisis came about, proposals for how the structures of financial markets could be reformed, and analysis of why reform is not happening at the speed that would be desirable from a perspective of justice.

Well-functioning financial markets are crucial for the economic well-being and the justice of contemporary societies. The Great Financial Crisis has shown that a perspective that naively trusts in the self-regulating powers of free markets cannot capture what is at stake in understanding and regulating financial markets. The damage done by the Great Financial Crisis, including its distributive consequences, raises serious questions about the justice of financial markets as we know them. This volume brings together leading scholars from political theory, law, and economics in order to explore the relation between justice and financial markets. Broadening the perspective from a purely economic one to a liberal egalitarian one, the volume explores foundational normative questions about how to conceptualize justice in relation to financial markets, the biases in the legal frameworks of financial markets that produce unjust outcomes, and perspectives of justice on specific institutions and practices in contemporary financial markets. Written in a clear and accessible language, the volume presents analyses of how financial markets (should) function and how the Great Financial Crisis came about, proposals for how the structures of financial markets could be reformed, and analysis of why reform is not happening at the speed that would be desirable from a perspective of justice.

The #1 Wall Street Journal Bestseller “Required reading. . . . Shows how our economic crisis was a failure, not of the free market, but of government.” —Charles Koch, Chairman and CEO, Koch Industries, Inc. Did Wall Street cause the mess we are in? Should Washington place stronger regulations on the entire financial industry? Can we lower unemployment rates by controlling the free market? The answer is NO. Not only is free market capitalism good for the economy, says industry expert John Allison, it is our only hope for recovery. As the nation’s longest-serving CEO of a top-25 financial institution, Allison has had a unique inside view of the events leading up to the financial crisis. He has seen the direct effect of government incentives on the real estate market. He has seen how government regulations only make matters worse. And now, in this controversial wake-up call of a book, he has given us a solution. The national bestselling The Financial Crisis and the Free Market Cure reveals: Why regulation is bad for the market—and for the world What we can do to promote a healthy free market How we can help end unemployment in America The truth about TARP and the bailouts How Washington can help Wall Street build a better future for everyone With shrewd insight, alarming insider details, and practical advice for today’s leaders, this electrifying analysis is nothing less than a call to arms for a nation on the brink. You’ll learn how government incentives helped blow up the real estate bubble to unsustainable proportions, how financial tools such as derivatives have been wrongly blamed for the crash, and how Congress fails to understand it should not try to control the market—and then completely mismanages it when it tries. In the end, you’ll understand why it’s so important to put “free” back in free market. It’s time for America to accept the truth: the government can’t fix the economy because the government wrecked the economy. This book gives us the tools, the inspiration—and the cure.

The global financial markets are not just driven by the big investment houses and fund managers. Along with these, private banks, insurance houses, hedge funds, sovereign wealth funds and a range of boutique investment managers, regional institutions and brokers of different sizes and nationalities all operate and interact to form the bedrock of the global financial infrastructure. Because of this, it is essential that practitioners and observers of the markets fully understand the linkages, objectives and functions of these institutions, and the new and dynamic environment they are working in. Market Players provides a complete roadmap to the institutions and intermediaries operating in today's global financial landscape, illustrating what they are, how they work, how they interact and importantly, their motivation. It explains the core financial market business of these institutions and considers how they have become the firms that we see today, providing readers with a clear understanding of which market sectors are likely to see the most involvement from the different types of institution and, importantly, why they are involved in these market areas. Key features include: a series of case studies looking at examples of some of these institutions including an explanation of the EIB and the UK agency UKFI. They also look at the financial crisis and the impact on AIG and Northern Rock, two institutions that clearly illustrate what can go wrong and how the other market players have to step in when this happens. an international perspective looking at representative institutions from Europe, Asia and North America, showing global similarities and differences. a Post Financial Crisis perspective on the structure of international banks in today's markets. coverage of the major players on both the buy and sell side of the market Written in plain English, Market Players is an accessible and much needed guide to financial institutions, equipping readers with the knowledge to better understand how the global financial markets really work.

Some economic events are so major and unsettling that they “change everything.” Such is the case with the financial crisis that started in the summer of 2007 and is still a drag on the world economy. Yet enough time has now elapsed for economists to consider questions that run deeper than the usual focus on the immediate causes and consequences of the crisis. How have these stunning events changed our thinking about the role of the financial system in the economy, about the costs and benefits of financial innovation, about the efficiency of financial markets, and about the role the government should play in regulating finance? In Rethinking the Financial Crisis, some of the nation’s most renowned economists share their assessments of particular aspects of the crisis and reconsider the way we think about the financial system and its role in the economy. In its wide-ranging inquiry into the financial crash, Rethinking the Financial Crisis marshals an impressive collection of rigorous and yet empirically-relevant research that, in some respects, upsets the conventional wisdom about the crisis and also opens up new areas for exploration. Two separate chapters–by Burton G. Malkiel and by Hersh Shefrin and Meir Statman – debate whether the facts of the financial crisis upend the efficient market hypothesis and require a more behavioral account of financial market performance. To build a better bridge between the study of finance and the “real” economy of production and employment, Simon Gilchrist and Egan Zakrasjek take an innovative measure of financial stress and embed it in a model of the U.S. economy to assess how disruptions in financial markets affect economic activity—and how the Federal Reserve might do monetary policy better. The volume also examines the crucial role of financial innovation in the evolution of the pre-crash financial system. Thomas Philippon documents the huge increase in the size of the financial services industry relative to real GDP, and also the increasing cost per financial transaction. He suggests that the finance industry of 1900 was just as able to produce loans, bonds, and stocks as its modern counterpart—and it did so more cheaply. Robert Jarrow looks in detail at some of the major types of exotic securities developed by financial engineers, such as collateralized debt obligations and credit-default swaps, reaching judgments on which make the real economy more efficient and which do not. The volume’s final section turns explicitly to regulatory matters. Robert Litan discusses the political economy of financial regulation before and after the crisis. He reviews the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which he considers an imperfect but useful response to a major breakdown in market and regulatory discipline. At a time when the financial sector continues to be a source of considerable controversy, Rethinking the Financial Crisis addresses important questions about the complex workings of American finance and shows how the study of economics needs to change to deepen our understanding of the indispensable but risky role that the financial system plays in modern economies.

A guide to thinking outside the Wall Street box Part memoir, part investment strategy guide, Out of the Box and onto Wall Street presents a revolutionary, alternative look at the world of finance. Revealing the essential rules for preserving capital and making long-term profits, the book provides timely observations on the current and future state of the world economy and investment markets, which are sure to be of interest to anyone considering alternative and time proven ways of making money. Written by Mark J. Grant, Managing Director of Corporate Syndicate and Structured Products for Southwest Securities, Inc Provides observations on the current and future state of the world economy and investment markets Offers detailed analysis of investment trends, common investor mistakes, and the simple investment strategies that most people are unaware of Designed for professional managers but also applicable for use by individual investors wanting a better understanding of the economy and how to pick smart investments for their own portfolio This is a must-read for anyone who wants to think about investing outside the Wall Street box.