A Crisis of Beliefs
A Crisis of Beliefs

Author: Nicola Gennaioli

Publisher: Princeton University Press

Published: 2018-09-11

Total Pages: 264

ISBN-13: 0691182507

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How investor expectations move markets and the economy The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A Crisis of Beliefs makes us rethink the financial crisis and the nature of economic risk. In this authoritative and comprehensive book, two of today’s most insightful economists reveal how our beliefs shape financial markets, lead to expansions of credit and leverage, and expose the economy to major risks. Nicola Gennaioli and Andrei Shleifer carefully walk readers through the unraveling of Lehman Brothers and the ensuing meltdown of the US financial system, and then present new evidence to illustrate the destabilizing role played by the beliefs of home buyers, investors, and regulators. Using the latest research in psychology and behavioral economics, they present a new theory of belief formation that explains why the financial crisis came as such a shock to so many people—and how financial and economic instability persist. A must-read for anyone seeking insights into financial markets, A Crisis of Beliefs shows how even the smartest market participants and regulators did not fully appreciate the extent of economic risk, and offers a new framework for understanding today’s unpredictable financial waters.

Fragile by Design
Fragile by Design

Author: Charles W. Calomiris

Publisher: Princeton University Press

Published: 2015-08-04

Total Pages: 584

ISBN-13: 0691168350

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Why stable banking systems are so rare Why are banking systems unstable in so many countries—but not in others? The United States has had twelve systemic banking crises since 1840, while Canada has had none. The banking systems of Mexico and Brazil have not only been crisis prone but have provided miniscule amounts of credit to business enterprises and households. Analyzing the political and banking history of the United Kingdom, the United States, Canada, Mexico, and Brazil through several centuries, Fragile by Design demonstrates that chronic banking crises and scarce credit are not accidents. Calomiris and Haber combine political history and economics to examine how coalitions of politicians, bankers, and other interest groups form, why they endure, and how they generate policies that determine who gets to be a banker, who has access to credit, and who pays for bank bailouts and rescues. Fragile by Design is a revealing exploration of the ways that politics inevitably intrudes into bank regulation.

The Fragility of Goodness
The Fragility of Goodness

Author: Martha C. Nussbaum

Publisher: Cambridge University Press

Published: 2001-01-15

Total Pages: 587

ISBN-13: 1107393779

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This book is a study of ancient views about 'moral luck'. It examines the fundamental ethical problem that many of the valued constituents of a well-lived life are vulnerable to factors outside a person's control, and asks how this affects our appraisal of persons and their lives. The Greeks made a profound contribution to these questions, yet neither the problems nor the Greek views of them have received the attention they deserve. This book thus recovers a central dimension of Greek thought and addresses major issues in contemporary ethical theory. One of its most original aspects is its interrelated treatment of both literary and philosophical texts. The Fragility of Goodness has proven to be important reading for philosophers and classicists, and its non-technical style makes it accessible to any educated person interested in the difficult problems it tackles. This edition, first published in 2001, features a preface by Martha Nussbaum.

The Body of the Cross
The Body of the Cross

Author: Travis E. Ables

Publisher: Fordham University Press

Published: 2021-12-07

Total Pages: 301

ISBN-13: 0823298019

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The Body of the Cross is a study of holy victims in Western Christian history and how the uses of their bodies in Christian thought led to the idea of the cross as a substitutionary sacrifice. Since its first centuries, Christianity has traded on the suffering of victims—martyrs, mystics, and heretics—as substitutes for the Christian social body. These victims secured holiness, either by their own sacred power or by their reprobation and rejection. Just as their bodies were mediated in eucharistic, social, and Christological ways, so too did the flesh of Jesus Christ become one of those holy substitutes. But it was only late in Western history that he took on the function of the exemplary victim. In tracing the story of this embodied development, The Body of the Cross gives special attention to popular spirituality, religious dissent, and the writing of women throughout Christian history. It examines the symbol of the cross as it functions in key moments throughout this history, including the parting of the ways of Judaism and Christianity, the gnostic debates, martyr traditions, and medieval affective devotion and heresy. Finally, in a Reformation era haunted by divine wrath, these themes concentrated in the unique concept that Jesus Christ died on the cross to absorb divine punishment for sin: a holy body and a rejected body in one.

Peter Abelard and Heloise
Peter Abelard and Heloise

Author: David Luscombe

Publisher: Routledge

Published: 2018-12-20

Total Pages: 317

ISBN-13: 1351111892

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These essays provide original reflections and new evidence for the lives and work of an outstanding medieval couple, Peter Abelard and Heloise. The main themes of the author's studies are the careers and the thought of Peter Abelard, his philosophy, theology and monastic teaching, his relationship in marriage and in religious life with Heloise and their correspondence. The essays, now brought together in a single volume, show how much is still to be learned from the presentation of new evidence and the opening of new enquiries about the lives and calamities of Peter Abelard and Heloise.

The Caste of Merit
The Caste of Merit

Author: Ajantha Subramanian

Publisher: Harvard University Press

Published: 2019-12-03

Total Pages: 385

ISBN-13: 067424348X

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How the language of “merit” makes caste privilege invisible in contemporary India. Just as Americans least disadvantaged by racism are most likely to endorse their country as post‐racial, Indians who have benefited from their upper-caste affiliation rush to declare their country post‐caste. In The Caste of Merit, Ajantha Subramanian challenges this comfortable assumption by illuminating the controversial relationships among technical education, caste formation, and economic stratification in modern India. Through in-depth study of the elite Indian Institutes of Technology (IITs)—widely seen as symbols of national promise—she reveals the continued workings of upper-caste privilege within the most modern institutions. Caste has not disappeared in India but instead acquired a disturbing invisibility—at least when it comes to the privileged. Only the lower castes invoke their affiliation in the political arena, to claim resources from the state. The upper castes discard such claims as backward, embarrassing, and unfair to those who have earned their position through hard work and talent. Focusing on a long history of debates surrounding access to engineering education, Subramanian argues that such defenses of merit are themselves expressions of caste privilege. The case of the IITs shows how this ideal of meritocracy serves the reproduction of inequality, ensuring that social stratification remains endemic to contemporary democracies.

The Political Invention of Fragile States
The Political Invention of Fragile States

Author: Sonja Grimm

Publisher: Routledge

Published: 2016-04-14

Total Pages: 163

ISBN-13: 1317625455

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This book investigates the emergence, the dissemination and the reception of the notion of ‘state fragility’. It analyses the process of conceptualisation, examining how the ‘fragile states’ concept was framed by policy makers to describe reality in accordance with their priorities in the fields of development and security. Contributors investigate the instrumental use of the ‘state fragility’ label in the legitimisation of Western policy interventions in countries facing violence and profound poverty. They also emphasise the agency of actors ‘on the receiving end’, describing how the elites and governments in so-called ‘fragile states’ have incorporated and reinterpreted the concept to fit their own political agendas. A first set of articles examines the role played by the World Bank, the OECD, the European Union and the G7+ in the transnational diffusion of the concept, which is understood as a critical element in the new discourse on international aid and security. A second set of papers employs three case studies (Sudan, Indonesia and Uganda) to explore the processes of appropriation, reinterpretation and the strategic use of the ‘fragile state’ concept. This book was originally published as a special issue of Third World Quarterly.

The Wealthy, the Brilliant, the Few
The Wealthy, the Brilliant, the Few

Author: Sophie Spieler

Publisher: transcript Verlag

Published: 2021-06-30

Total Pages: 277

ISBN-13: 3839457297

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How does the US make sense of its elite educational system, given that it seems to be at odds with core American values, such as equality of opportunity or upward mobility? Sophie Spieler explores scholarly and journalistic investigations, self-representational texts, and fictional narratives revolving around the Ivy League and its peers in order to understand elite education and its peculiar position in American cultural discourse. Among the book's most surprising and groundbreaking insights is the tenacity and adaptability of meritocratic ideology across all three sub-discourses, despite its fundamental incompatibility with the American educational system.