From the Editor: Debating 'A Failure of Capitalism'

Author:

David Evans, Editor-in-Chief

Date:

10 May, 2009

We are pleased to present excerpts from Judge Richard Posner’s new book, The Failure of Capitalism: The Crisis of ’08 and the Descent into Depression, which will be released on May 15. This is an important contribution to the discussion.

Posner is not an expert on financial markets or their regulation. He’s not a finance professor, nor an economist by training. He hasn’t been a regulator either. Posner is a judge of the Seventh Circuit Court of Appeals based in Chicago. His opinions, which he writes himself, are some of the most widely cited in the judicial system. He is a prolific writer on varied topics from sex to terrorism.

Most importantly, for the current debate, Posner is one of the founders of the important discipline of law and economics which has revolutionized legal thinking, and the direction of judicial decision making, by showing how economics can provide deep insights into how the law does and should work. His career has been built on a certain faith—hardly blind—in the important role of markets—and capitalism generally—in advancing economic growth and prosperity.

Thus, when Judge Posner concludes, as he does but with more nuance than the title suggests, that capitalism failed and that the government must play a significant role in regulating financial markets, any serious person must take notice and consider his arguments and evidence carefully. In the end almost everyone will disagree with something in Posner’s short and rapidly produced book.

We round out this issue with three original articles. Arthur Long, a partner at Davis Polk & Wardwell, cautions against the rush to rule making especially given how many rules, some of which perhaps haven’t been enforced as much as they should have been, are already on the books.

Viktoria Baklanova, with the Fitch Rating Fund, examines the crediting rating agencies. She suggests that while tougher regulation is in order the government and the credit rating agencies themselves must caution users on the imperfections in and imprecision of credit ratings.

Finally, Margaret Weichert, of the Morgan Weichert Group, concludes her earlier article for us, with an insightful discussion of “how technology might revitalize and improve the financial services sector” and how both regulators and financial institutions must play a part in that effort.

We would like to thank all of our contributors, but especially Judge Posner and Harvard University Press, by granting us permission to publish the excerpts from his book.

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Posted : Monday 11 May 2009 | David Evans

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