Fragile by Design
The Political Origins of Banking Crises and Scarce Credit
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Fragile by Design
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Narrated by:
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Basil Sands
About this listen
Why are banking systems unstable in so many countries--but not in others? The United States has had twelve systemic banking crises since 1840, while Canada has had none. The banking systems of Mexico and Brazil have not only been crisis prone but have provided miniscule amounts of credit to business enterprises and households. Analyzing the political and banking history of the United Kingdom, the United States, Canada, Mexico, and Brazil through several centuries, Fragile by Design demonstrates that chronic banking crises and scarce credit are not accidents due to unforeseen circumstances. Rather, these fluctuations result from the complex bargains made between politicians, bankers, bank shareholders, depositors, debtors, and taxpayers. The well-being of banking systems depends on the abilities of political institutions to balance and limit how coalitions of these various groups influence government regulations.
Fragile by Design is a revealing exploration of the ways that politics inevitably intrudes into bank regulation. Charles Calomiris and Stephen Haber combine political history and economics to examine how coalitions of politicians, bankers, and other interest groups form, why some endure while others are undermined, and how they generate policies that determine who gets to be a banker, who has access to credit, and who pays for bank bailouts and rescues.
PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your My Library section along with the audio.
©2014 Princeton University Press (P)2014 Audible, Inc.Listeners also enjoyed...
What listeners say about Fragile by Design
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Marcelo
- 26-11-15
Fantastic
A treasure trough on the political and economic history of the USA, Canada, U.K., Brazil and Mexico, over and beyond the banking system.
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Overall4 out of 5 stars
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Performance4 out of 5 stars
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Story4 out of 5 stars
- Gharper
- 02-12-15
Incredibly well researched and very compelling
This book is clearly narrated and very well researched. It covers the detailed history of banking in the UK, USA, Canada, Mexico and some other countries and achieves what it sets out to do. That is, demonstrate that the fragility of banking systems is a matter of political design.
I would have given five stars were it not for the fact that I think it should have featured more of a discussion on the way the extension of private bank credit effectively creates new money. The book mentions on several occasions that private banks permission to print their own notes was granted or withdrawn in various states at various times, but there is very little mention of their doing the digital equivalent, which I would say is a fundamentally important factor governing the stability of the banking sector today, not to mention the business cycle.
A great read (listen) for those interested in detailed economic history. However, if you simply seek a description of why the banking system is unstable, this may be a little heavy going, particularly if you are not so interested in historical detail.
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1 person found this helpful
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Overall4 out of 5 stars
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Performance2 out of 5 stars
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Story5 out of 5 stars
- Jan W. H. Schnupp
- 13-11-15
Interesting, but why the hectoring voice?
I certainly learned a lot about banking history. The authors make a compelling case that the interplay between powerful politicians and the bankers they turn to to fund their pet projects can interact in important but often unforeseen manners, and that there are important lessons in history which have (surprise surprise) by and large not been learned. Overall an interesting book and I am glad I persisted with it, but it was a bit of a struggle, partly because some of the early American banking history stuff I found a bit boring, and in a big way because, sorry to be so blunt, I found the voice and narration style of the narrator very grating. He always sounds as if he is shouting at you. (Basil: mellow out!) Still, I learned a great deal.
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2 people found this helpful