What caused the Financial Crisis of 2008? While government mandates and private sector mistakes did contribute to the crisis and can be blamed at least in part for what happened, this book takes a different approach. Russ Roberts argues that the true underlying cause of the mess was the past bailouts of large financial institutions that allowed these institutions to gamble carelessly because they were effectively using other people's money. The author warns that despite the passage of Dodd-Frank, it is widely believed that we have done nothing to eliminate 'Too Big to Fail.' That perception allows the largest financial institutions to continue to gamble with taxpayer money.
The finance sector of Western economies is too large and attracts too many of the smartest college graduates. Financialization over the past three decades has created a structure that lacks resilience and supports absurd volumes of trading. The finance sector devotes too little attention to the search for new investment opportunities and the stewardship of existing ones, and far too much to secondary-market dealing in existing assets. Regulation has contributed more to the problems than the solutions. Why? What is finance for? John Kay, with wide practical and academic experience in the world of finance, understands the operation of the financial sector better than most. He believes in good banks and effective asset managers, but good banks and effective asset managers are not what he sees. In a dazzling and revelatory tour of the financial world as it has emerged from the wreckage of the 2008 crisis, Kay does not flinch in his criticism: we do need some of the things that Citigroup and Goldman Sachs do, but we do not need Citigroup and Goldman to do them. And many of the things done by Citigroup and Goldman do not need to be done at all. The finance sector needs to be reminded of its primary purpose: to manage other people's money for the benefit of businesses and households. It is an aberration when the some of the finest mathematical and scientific minds are tasked with devising algorithms for the sole purpose of exploiting the weakness of other algorithms for computerized trading in securities. To travel further down that road leads to ruin. A Financial Times Book of the Year, 2015 An Economist Best Book of the Year, 2015 A Bloomberg Best Book of the Year, 2015
This book provides an overview of the state of the art in research on and treatment of gambling disorder. As a behavioral addiction, gambling disorder is of increasing relevance to the field of mental health. Research conducted in the last decade has yielded valuable new insights into the characteristics and etiology of gambling disorder, as well as effective treatment strategies. The different chapters of this book present detailed information on the general concept of addiction as applied to gambling, the clinical characteristics, epidemiology and comorbidities of gambling disorder, as well as typical cognitive distortions found in patients with gambling disorder. In addition, the book includes chapters discussing animal models and the genetic and neurobiological underpinnings of the disorder. Further, it is examining treatment options including pharmacological and psychological intervention methods, as well as innovative new treatment approaches. The book also discusses relevant similarities to and differences with substance-related disorders and other behavioral addictions. Lastly, it examines gambling behavior from a cultural perspective, considers possible prevention strategies and outlines future perspectives in the field.
There has been a renewed focus on gambling and its social consequences. One potential consequence facing gamblers is bankruptcy. This article considers how gambling and gambling debts are treated in bankruptcy. It includes an examination of the extent to which gambling is a cause of bankruptcy; whether gambling debts should be treated differently from other debts; the attempts to deter and/or punish gambling through the use of criminal sanctions in bankruptcy legislation; whether gamblers should be denied, or have delayed, their 'fresh start'; and whether gambling transactions prior to bankruptcy are, and should be, avoidable by the trustee in bankruptcy.
A bold extension of Marx's Capital for the twenty-first century: at once a critique of modern finance and of the societies under its spell. As financial markets expand and continue to refashion the world in their own image, the wealth of capitalist societies no longer presents itself, as it did to Karl Marx in the nineteenth century, as a “monstrous collection of commodities.” Instead, it appears as an equally monstrous collection of financial securities, and the critique of political economy must proceed accordingly. But what would it mean to write Capital in the twenty-first century? Are we really to believe that risk, rather than labor, is now regarded as the true fount of economic value? Can it truly be the case that the credit relation—at least in the global North—has replaced the wage relation as the key site of exploitation and political struggle? And finally, if precarity is indeed the name of today's proletarian condition, what possible future does it actually portend, what analysis does it require? Through a series of creative substitutions, in Portfolio Society Ivan Ascherextends Marx's critical project in bold and unexpected ways. Ascher not only explains some of the often mystifying processes of contemporary finance, he also invites us to consider what becomes of capitalism itself in those places where the relation of capital to its own future is now mediated by financial markets. In the end, we may find that much has changed and much has not; relations of domination endure, and mystifications abound, but the devil is in the details, and that is where Ascher directs our attention. At once a critique of modern finance and of the societies under its spell, Portfolio Society succeeds in revealing the potential limits of Capital, while reveling still in its limitless potential.
The author of more than ten books on gambling now examines the psychological, discipline, and money-management aspects of a gaming session and teaches the gambler how to hold on to his winnings while minimizing his losses.
