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Capital Failure: Rebuilding Trust in Financial Services
By David Vines (editor) and Nicholas Morris (editor)
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Bibliographic Detail
Publisher Oxford Univ Pr
Publication date November 29, 2016
Pages 432
Binding Paperback
Edition Reprint
Book category Adult Non-Fiction
ISBN-13 9780198788089
ISBN-10 0198788088
Published in Great Britain
Original list price $45.00
Other format details university press
Summaries and Reviews
Amazon.com description: Product Description: Adam Smith's 'invisible hand' relied on the self-interest of individuals to produce good outcomes. Economists' belief in efficient markets took this idea further by assuming that all individuals are selfish. This belief underpinned financial deregulation, and the theories on incentives and performance which supported it. However, although Adam Smith argued that although individuals may be self-interested, he argued that they also have other-regarding motivations, including a desire for the approbation of others. This book argues that the trust-intensive nature of financial services makes it essential to cultivate such other-regarding motivations, and it provides proposals on how this might be done.

Trustworthiness in the financial services industry was eroded by deregulation and by the changes to industry structure which followed. Incentive structures encouraged managers to disguise risky products as yielding high returns, and regulation failed to curb this risk-taking, rent-seeking behaviour. The book makes a number of proposals for reforms of governance, and of legal and regulatory arrangements, to address these issues. The proposals seek to harness values and norms that would reinforce 'other-regarding' behaviour, so that the firms and individuals in the financial services act in a more trustworthy manner.

Four requirements are identified which together might secure more strongly trustworthy behaviour: the definition of obligations, the identification of responsibilities, the creation of mechanisms which encourage trustworthiness, and the holding to account of those involved in an appropriate manner. Financial reforms at present lack sufficient focus on these requirements, and the book proposes a range of further actions for specific parts of the financial industry.


Editions
Hardcover
Book cover for 9780198712220
 
With Nicholas Morris (other contributor) | from Oxford Univ Pr (October 7, 2014)
9780198712220 | details & prices | 402 pages | 6.25 × 9.50 × 1.00 in. | 1.78 lbs | List price $99.00
Paperback
Book cover for 9780198788089
 
The price comparison is for this edition
With Nicholas Morris (other contributor) | Reprint edition from Oxford Univ Pr (November 29, 2016)
9780198788089 | details & prices | 432 pages | List price $45.00
About: Adam Smith's 'invisible hand' relied on the self-interest of individuals to produce good outcomes.

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