ONLY HOPE ] BY ALLISON, JOHN A (AUTHOR) [ PDF. Download: [ THE FINANCIAL CRISIS AND THE FREE MARKET CURE: WHY PURE CAPITALISM. Title: Ebook #pdf the financial crisis and the free market cure why pure capitalism is the world economy's, Author: kaelyncaetlin, Name: Ebook. Mises Review 18, no. 3 (Fall )THE FINANCIAL CRISIS AND THE FREE MARKET CURE: WHY PURE CAPITALISM IS THE WORLD.
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The Financial Crisis and the Free Market Cure: Why Pure Capitalism is the World Economy's Only Hope [John A. Allison] on homeranking.info *FREE* shipping on. Editorial Reviews. homeranking.info Review. Amazon Exclusive: Post-Election Commentary from The Financial Crisis and the Free Market Cure is a sophisticated yet accessible analysis of the causes and solutions to America's financial. Allison, John A. The Financial Crisis and the Free Market Cure. New York: McGraw-Hill, John A. Allison, who recently retired as CEO of Branch Banking.
After causing the crisis, the efforts to fix the economy failed because they attempted to prevent the necessary course corrections the market was trying to effect. In the book that Allison rightly recommends, Mises states,. He also makes an important distinction between being selfish which he views as good and self destructive. He believes the universities forgot some ideas of the founding fathers, when they hired PhDs from Europe in the late This author is earnest and dedicated. Very insightful analysis of the causes of the financial crisis. Browse Books.
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Book Details Author: John A. Despite his talk of "malinvestment" here, it is clear that Allison considers buying a house spending on consumption. It is entirely right that, in Austrian theory, the expansion of bank credit can cause a boom in consumption as well as production goods; and Mises was adamant that the Austrian view be characterized as a malinvestment, not an overinvestment, theory.
It is going too far, though, to pass off an underinvestment view as Austrian. Perhaps Allison would reply that he here is not endeavoring to expound Austrian theory: Would he not then owe us some account of what is wrong with Mises's position?
He passes it by altogether.
Though I cannot prove it, I suspect he is unaware that his view of the cycle differs from that of Mises. Allison shows insufficient knowledge of Austrian work on another issue. He accepts Milton Friedman's claims that the Fed drastically contracted the supply of money after the onset of the Great Depression, in that way severely worsening conditions: He does not mention Murray Rothbard's criticism of this view; again, Rothbard must not be discussed or cited.
If he disagrees with Rothbard, should he not have explained why?
Again, I suspect that Allison is unaware of the controversy. What has happened? Why has Allison written an ostensibly Austrian explanation of the financial crisis that displays so little acquaintance with Austrian theory? The answer may in part lie in a remark in the acknowledgments: Ayn Rand asked, "Who is John Galt? He is an Objectivist economist who, incredibly, takes Mises to be an enemy of the free market. Abolition of Antitrust , p. When Allison sticks to topics that fall within his experience as a banker, such as the effects of Freddie and Fannie on the home-mortgage-lending business and the problems of fair-value accounting, his comments are often insightful; he is after all a distinguished banker of great experience.
When he strays into Austrian theory, though, he seems at a loss.
If Allison relied on Salsman for his remarks on business-cycle theory, his errors would be understandable, given Salsman's egregious mistakes and prejudices. I freely acknowledge that my suggestion is no more than speculation. If Allison is not altogether satisfactory as an expositor of Austrian economics, is he at least fully committed to the free market?
He is an Objectivist; and, whatever one's opinion of Ayn Rand's philosophy, must not any fair-minded person acknowledge that she and her followers stand among the foremost supporters of the free market? Although, to his credit, Allison calls for a systematic move to "pure" capitalism, his move falls short of this laudable goal.
Robert Wenzel, in an excellent notice of the book in his Economic Policy Journal , has already called attention to a number of Allison's questionable recommendations, including his support for the flat tax and education vouchers and opposition to the homeowner's deduction. This is ridiculous.
A properly designed flat tax would be harder for Congress to increase because the increase would have a negative impact on all voters. Allison seems to have forgotten that Congress has on many occasions passed bills that call for tax increases. In addition to the items Wenzel has so ably catalogued, I should like to call attention to Allison's support for government unemployment insurance. He thinks that the present program is excessive; but, he says,.
There are many honest workers who would like a job, but who cannot obtain employment because of the minimum-wage laws. It is unjust to deny people work and, at the same time, not provide unemployment benefits. The principle here appears to be that those disadvantaged by government intervention may claim a compensating intervention in their favor. Is this not a dangerous idea? Why not, in like fashion, a protective tariff for businesses that compete with foreign firms that receive subsidies from their governments?
I leave it to readers to extend the list.
Like Wenzel, I find Allison's views on foreign policy disturbing. He wants to cut the military budget and opposes the wars in Iraq and Afghanistan; but opposition to these wars will enable us to confront the real threats, such as North Korea, Iran, and "Islamic terrorism.
Despite the book's manifest mistakes about Austrian theory, it has attracted praise from economists, including Tyler Cowen, Peter Boettke, and Bruce Yandle. I take some comfort from the fact that none of these endorsements mentions the Austrian School. Gordon, David. The Mises Review 18, No.
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