Global capitalism at bay?

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This case has much more merit.

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Finance needs regulation. It has always been prone to panics, crashes and bubbles in Victorian times this newspaper was moaning about railway stocks, not house prices. Because the rest of the economy cannot work without it, governments have always been heavily involved. Without doubt, modern finance has been found seriously wanting.

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Some banks seemed to assume that markets would be constantly liquid. Risky behaviour garnered huge rewards; caution was punished.

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Even the best bankers took crazy risks. Lack of regulation encouraged this gambling see article.

Global Capitalism: The US-China Trade Wars: Causes, Prospects, Risks [September 2019]

Financial innovation in derivatives soared ahead of the rule-setters. Not even the most liberal libertarian could imagine that was sensible. Yet the failures of modern finance cannot be blamed on deregulation alone. After all, the American mortgage market is one of the most regulated parts of finance anywhere: dominated by two government sponsored agencies, Fannie Mae and Freddie Mac, and guided by congressional schemes to increase home-ownership.

The macro economic condition that set up the crisis stemmed in part from policy choices: the Federal Reserve ignored the housing bubble and kept short-term interest rates too low for too long. The emerging world's determination to accumulate reserves, especially China's decision to hold down its exchange rate, sent a wash of capital into America.

There was something of a perfect storm in which policy mistakes combined with Wall Street's excesses. Heavy regulation would not inoculate the world against future crises. Two of the worst in recent times, in Japan and South Korea, occurred in highly rule-bound systems. What's needed is not more government but better government. In some areas, that means more rules. Capital requirements need to be revamped so that banks accumulate more reserves during the good times.

More often it simply means different rules: central banks need to take asset prices more into account in their decisions.

But there are plenty of examples where regulation could be counter-productive: a permanent ban on short-selling, for instance, would make markets more volatile. Indeed, history suggests that a prejudice against more rules is a good idea. Too often they have unintended consequences, helping to create the next disaster.

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And capitalism, eventually, corrects itself. After a crisis investors and for that matter regulators seldom make exactly the same mistake twice.

There are, for instance, already plans for clearing houses for CDSs. Sadly another lesson of history is that in politics economic reason does not always prevail—especially when the best-case scenario for most countries is a short recession. But it need not be so. If the bail-outs are well handled, taxpayers could end up profiting from their reluctant investment in the banks.

If regulators learn from this crisis, they could manage finance better in the future. If the worst is avoided, the healthy popular hostility to a strong state that normally pervades democracies should reassert itself. Capitalism is at bay, but those who believe in it must fight for it. John H.

Dunning is the greatest living scholar in the field of international business. Each year fellow scholars quote his research in their new publications, to the tune of over citations a year, far ahead of all other scholars in the field.

Can capitalism be saved from itself?

In addition to the widespread influence of his scholarship, Dunning has helped advance the field of international business by serving as the leading academic advisor to the United Nations Centre on Transnational Corporations later on transferred to UNCTAD for the past quarter century. His latest book lives up to the high standards that he sets for himself and others in the international business field. Over the past 40 years, another leading academic in the field was Raymond Vernon.

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His most widely read book was Sovereignty at Bay Vernon, Dunning pays tribute to Vernon by paraphrasing the title of his book. Co-operation as part of the competitive process of global capitalism is the order of the day.

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Governments work together to better advance their own long-term interests. Firms form attachments with other firms to reduce costs, speed up innovations and tap into new knowledge and markets. Individuals join together to enhance their personal aspirations, needs and capabilities, and to promote the well-being of others.

Nowhere is the social value of such interpersonal co-operation better seen than in the growth of all kinds of voluntary and non-profit organizations. Important virtues are involved in this process such as diligence, industriousness, prudence in undertaking reasonable risks, reliability and fidelity in interpersonal relationships, as well as courage in carrying out decisions which are difficult and painful, both for the overall working of a business and in meeting possible setbacks.

Centesimus Annus, quoted in Novak , p. To the extent, then, that global capitalism encourages communitarism, the object of which is to advance the interests of a particular communities of people; and to the extent that such communitarism helps provide the kind of social and institutional support which individuals need to make better use of their own capabilities, it should be perceived as Christian friendly. It also lays to rest the notion that individualism and communitarism are contradictory to each other. What is unique about contemporary alliance capitalism is that it offers a moral antidote to both the excesses of communitarism and of individualism or as Jonathan Sacks would have it, libertarianism Sacks

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