In Bootleggers & Baptists: How Economic Forces and Moral Persuasion Interact to Shape Regulatory Politics, economists Bruce Yandle and Adam Smith explain how money and morality are often combined in politics to produce arbitrary regulations benefiting cronies, while constraining productive economic activities by the general public.
Featuring the author, Robert Pozen, Chairman, MFS Investment Management; with comments by Kenneth E. Bentsen Jr., Executive Vice President, Public Policy and Advocacy Securities Industry and Financial Markets Association; and Phillip Swagel, Professor, McDonough School of Business, Georgetown University. Moderated by Mark Calabria, Director, Financial Regulation Studies, Cato Institute.
Mortgage defaults, together with excessive debt and ineffective regulation, ultimately led to a major financial crisis in the United States. But how exactly did a steep drop in U.S. housing prices result in a severe financial crisis throughout the world? How did actions of the U.S. government impact the crisis? And what actions should be taken to resolve this financial crisis and help prevent others from happening? In Too Big To Save? Robert Pozen, former vice chairman of Fidelity Investments and current lecturer at the Harvard Business School, takes on these questions and others.