Saturday, June 26, 2010

"FreeFall" by Joseph Stiglitz

There has been so much written about the financial disaster of 2008 that it is hard to find something new. Since Joseph Stiglitz is so prolific, this book somewhat repeats what he has said elsewhere.

In general, he distinguishes himself from other writers by focusing on root causes rather than blaming individuals or sectors of the financial industry.

What I specifically note about entire body of writings is a focus on the common good and the inherent necessity of regulations to offset the inherent overreach of capitalism. What I find interesting is that this is not very common. For reasons unclear to me, focusing on the common good rather than individual gains and rights has been discarded by many. They do not realize the individual often loses so much by not focusing on the common good. For all those who profited big time during this financial disaster, the vast majority of "individuals" suffered. Even from a self-interest perspective, each one will most likely do better if the common good is the priority.

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