Returning to Capitalism in order to Escape Crises
Pascal Salin
Revenir au capitalism, pour éviter les crises
Translated from French by D. Kralechkin. – Moscow: Gaidar Institute Press, 2015. – 272 p.
ISBN 978-5-93255-412-8
There is a widespread belief that the current economic crisis is a consequence of the unethical behavior and greed of bankers. It is believed that their desire for personal enrichment in the form of huge bonuses led them to take excessive risks. They are accused of striving for personal wealth at the expense of the common good. Finally, it is said that since bankers are unable to establish their own rules regulating the behavior of representatives of their profession, such rules should be introduced by the state. From the point of view of critics of capitalism, the crisis supposedly illustrates the idea that the pursuit of personal gain does not lead to social harmony and hinders the achievement of the common good. But is this true? Was the crisis really caused by deregulation? In his book, the famous French economist Pascal Salin convincingly shows that it is not capitalism that should be blamed for the crisis, but a multitude of bad rules and inconsistent economic policies.
The book is addressed to economists and anyone interested in the problems of the modern economy.
Translated from French by D. Kralechkin. – Moscow: Gaidar Institute Press, 2015. – 272 p.
ISBN 978-5-93255-412-8
There is a widespread belief that the current economic crisis is a consequence of the unethical behavior and greed of bankers. It is believed that their desire for personal enrichment in the form of huge bonuses led them to take excessive risks. They are accused of striving for personal wealth at the expense of the common good. Finally, it is said that since bankers are unable to establish their own rules regulating the behavior of representatives of their profession, such rules should be introduced by the state. From the point of view of critics of capitalism, the crisis supposedly illustrates the idea that the pursuit of personal gain does not lead to social harmony and hinders the achievement of the common good. But is this true? Was the crisis really caused by deregulation? In his book, the famous French economist Pascal Salin convincingly shows that it is not capitalism that should be blamed for the crisis, but a multitude of bad rules and inconsistent economic policies.
The book is addressed to economists and anyone interested in the problems of the modern economy.