Towards an Accountable Capitalism
The global credit crisis has been a systemic failure. In this monograph, the author try to set out some of what went wrong, and how to develop the framework of policy and institutions needed to ensure a vibrant and stable financial system in the fu...
| Main Authors: | , , |
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| Format: | Brief |
| Language: | English |
| Published: |
World Bank, Washington, DC
2012
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2009/01/10612739/towards-accountable-capitalism http://hdl.handle.net/10986/11129 |
| Summary: | The global credit crisis has been a
systemic failure. In this monograph, the author try to set
out some of what went wrong, and how to develop the
framework of policy and institutions needed to ensure a
vibrant and stable financial system in the future. This will
require new thinking about the type of institutions on which
a successful modern financial economy depends, but, more
importantly, on the relationship between each of these
institutions. The author focuses on how to get them to work
in a way which will support open and effective capital
markets. The aim is not to lay out a detailed framework for
bank solvency, or accounting regulation or corporate
governance, though the author will touch on many examples of
reform. Rather it is to try to clarify the principles on
which any responsible market system will rest, and how these
might be applied to the banks and the other markets where
finance is raised to keep the economy going. It is also to
suggest various actions the participants in all markets -
regulators, investors, Non-governmental Organizations
(NGOs), and bankers, can take to prevent similar disasters. |
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