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''A Failure of Capitalism: The Crisis of '08 and the Descent into Depression'' is a major non-fiction book by Judge Richard Posner, the most-cited American legal scholar in history,〔(Shapiro, Fred R, 2000. "The Most-Cited Legal Scholars," Journal of Legal Studies, University of Chicago Press, vol. 29(1), pp. 409-26).〕 among the most respected judges in the United States (as of 1999), and a major proponent of the economic analysis of law.〔〔 The text was initially published on May 1, 2009 by Harvard University Press. The book is significant in Posner's criticism of President George W. Bush and his administration's policies and the response to the fiscal crisis,〔Posner, pp. 36-37, 113, 139-140, 190, 228-229, 238-239, 248, 271-280, 287, 293, 301, 304-306, 310-311.〕 as well as Posner's movement away from his past well-known advocacy of free-market capitalism.〔 The book has been primarily noted not for his criticism of progressive government policies (which he attacks again for good measure), but rather his critique of laissez-faire capitalism and its ideologues.〔〔 Posner's newest book has been received with generally good reviews from the press, including ''The New York Times'', but the reception has not been universally positive.〔 ==Synopsis== The primary argument of the book is that we have gone from a recession into a depression (the "D" word, as one author calls it)〔 in 2009, and Posner suggests several possible short-term and long-term solutions to this fiscal crisis. His thesis is not that government, politicians, or even bankers primarily caused this depression, but rather that the capitalist system is to blame for its own faults.〔〔"Seven questions for Richard Posner," Interview with Richard Posner, ''The Economist'', 6 June 2009, found at (''The Economist'' website ). Accessed September 8, 2009.〕〔 The text is divided into a preface, a conclusion, and 11 chapters: # The Depression and its Proximate Causes # The Crisis in Banking # The Underlying Causes # Why a Depression Was Not Anticipated # The Government Responds # A Silver Lining? # What We Are Learning About Capitalism and Government # The Economics Profession Asleep at the Switch # Apportioning Blame # The Way Forward # The Future of Conservativism Some of the causes of the depression that Posner cites are the lack of enforceable usury laws, which would discourage risky loans,〔Posner, p. 291.〕 the Federal Deposit Insurance Corporation (FDIC) and central banks taking risks,〔Posner, pp. 45-46, 130.〕 securitization of mortgages,〔Posner, p. 53.〕 illiquidity and insolvency of the banking system,〔Posner, pp. 41, 63-70, 128, 133, 201 ''et seq''.〕 the housing bubble,〔Posner, pp. 77-78.〕 blindness to warning signs of a crisis,〔Posner, pp. 118-138.〕 and the preconceptions of ideology.〔Posner, pp. 134-136, 310-316.〕 Posner wraps up the book with a chapter containing several suggestions, including eventual re-regulation of the banking industry,〔Posner, pp. 289-291.〕 but warns that "this is not the time" to do so — a long-term solution after the economy recovers〔Posner, p. 291, see also pp. 291, 283-296.〕 — that can "wait calmer days."〔Posner, p. 303.〕 He also suggests putting off reorganization of the Treasury and the Federal Reserve until a later time.〔Posner, pp. 291-293, 302-303.〕 In the meanwhile, he writes, "piecemeal reforms may be feasible and helpful."〔Posner, p. 296.〕 These include a halt on government marketing of home ownership,〔 requiring banks and financial institutions to "disclose the ''full'' compensation of all senior executives",〔(''Emphasis in the text'') Posner, p. 298.〕 backloading of compensation,〔Posner, pp. 299-300.〕 increasing marginal income tax rates on the highest incomes,〔Posner, pp. 300-301.〕 and usury laws to discourage risky loans.〔〔 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「A Failure of Capitalism」の詳細全文を読む スポンサード リンク
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