Commentaire client

19 internautes sur 21 ont trouvé ce commentaire utile 
5.0 étoiles sur 5 If Harvard leadership amounts to this much we deserve it all and much more to come, 16 mai 2009
Ce commentaire fait référence à cette édition : The Ascent of Money: A Financial History of the World (Relié)
Ferguson comes up again as an unabashed defender of empire(s), especially those espousing financial capitalism as modus operandi. So much so that he touches revisionist overtones at times.

Had this been just a history book, however partial, Ascent of Money would have been only half bad. However, Ferguson's ideological positions only add insult to the periodic injury produced by financial capitalism.

Staying with history for a while, the book makes for a quick traversal of modern financial instruments and some of the supporting institutions and ideologies. Assuming the role of historian of finance, Ferguson doesn't seem to worry about proving anything; a narrative from the perspective of the victors, in (t)his case, the Anglo-Saxon financial elites, might do just as well. One comes away with the idea that financial capitalism is better, necessary, and almost always self-sufficient. Moreover, the welfare state should be viewed not only as a half-baked idea of capitalists, but also past its due date by now.

Here are few examples of missing pieces from Ferguson's take one the rise of financial capitalism: Nowhere is the goal of financial capitalism explicitly stated. I would posit that financial markets are supposed to help/guide us to do the best resource allocation (read, optimal) with the idea of maximizing social welfare. The "us" above is the state and voting citizenry, and not the financial elites alone. Without any compass at work, it's easy for the author to ignore the societal costs of financial capitalism--in the UK/US case, the disappearance of production followed by de-professionalization, and misallocation of resources during, and in the aftermath of, bubbles. In other words, if we look only at what financial capitalism creates, in isolation from other countries or its own side effects, Ferguson's book is right on the money. Otherwise, the market as compass is just as accurate as communism.

Ferguson doesn't seem to make much of his own statistics on how much more we spend on, let's say, healthcare and education for much lower returns. In fact, Schumpeter himself, one of the apostles of capitalism, once said that one of our problems in the US was the professional quality, or lack thereof, of our government employees. Hmm, could this have anything to do with how financial capitalism allocates human resources and/or how a society worships the high priests of finance?

In any case, fear not the current crisis, for Ferguson has embarked into the next expedition of financial capitalism as charted by the Harvard behavioral finance-, and MIT's Andrew Lo's financial evolutionist/adaptive markets-hypotheses. He does so by means of the last chapter in the book, a veritable illustration of plus ça change, plus c'est la même chose. In plain English, it's just the tools and possibly the actors that needed change, provided that the masters, ideology and the fools remain the same.

Rating this book is not easy. It should take 4 stars for the historic part, 2 stars for ideology, and 0 stars for partiality. All in all, for a 2-star book the interested reader may do better to borrow. And, yes, it reads fast and there is plenty of detail surrounded by historical context that make Ascent of Money a decent read.

Nota Bene: Why is it that, in this book, Niall Ferguson writes so dismissively about George Soros' ideas on financial markets reflexivity? Soros has built his fortune also by leveraging the reflexivity he recommends be tamed by adequate understanding and regulation of the financial markets. Unfortunately, Ascent of Money contributes only partially to that understating, and reads little about financial markets regulation.
Aidez d'autres clients à trouver les commentaires les plus utiles 
Avez-vous trouvé ce commentaire utile ? Oui Non

[Ajouter un commentaire]
Publier un commentaire
Pour insérer un lien produit, utilisez le format : [[ASIN:ASIN titre-produit]] (De quoi s'agit-il?)
Amazon affichera ce nom avec vos soumissions, y compris les chroniques de clients et les posts de discussion. (Plus d'informations)
Nom :
Badge :
Ce badge vous sera affecté et apparaîtra avec votre nom.
There was an error. Please try again.
Consultez lintégralité des directives ">ici.

Remarque Officielle

En tant que représentant de ce produit, vous pouvez publier un commentaire officiel sur cette évaluation. Il apparaîtra immédiatement au-dessous de l'évaluation, quelle que soit l'emplacement où celle-ci est affichée.   Plus d'informations
Le nom et le badge suivants seront affichés avec ce commentaire :
Après avoir cliqué sur le bouton Publier, vous serez invité à créer votre nom public qui sera affiché avec toutes vos contributions.

Ceci est-il votre produit ?

Si vous êtes l'auteur, l'artiste, le fabricant ou un représentant officiel de ce produit, vous pouvez publier un commentaire officiel sur cette évaluation. Il apparaîtra immédiatement au-dessous de l'évaluation, quel que soit l'emplacement où celle-ci est affichée.  Plus d'informations
Sinon, vous pouvez toujours publier un commentaire normal sur cette évaluation.

Ceci est-il votre produit ?

Si vous êtes l'auteur, l'artiste, le fabricant ou un représentant officiel de ce produit, vous pouvez publier un commentaire officiel sur cette évaluation. Il apparaîtra immédiatement au-dessous de l'évaluation, quel que soit l'emplacement où celle-ci est affichée.   Plus d'informations
 
Délai système expiré

Nous n'avons pas pu vérifier si vous représentez le produit. Veuillez réessayer ultérieurement, ou réessayez maintenant. Sinon, vous pouvez publier un commentaire normal.

Puisque vous avez déjà publié un commentaire officiel, ce commentaire apparaîtra dans la section du commentaire ci-dessous. Vous pouvez également modifier votre commentaire officiel.   Plus d'informations
Le nombre maximal de commentaires officiels a été atteint. Le commentaire apparaîtra dans la section du commentaire ci-dessous.   Plus d'informations
Aller s'identifier
 

Remarques

Suivi en cours par 1 client

Trier par: Le plus ancien en premier | Le plus récent en premier
Afficher les messages 1-2 sur 2 de cette discussion.
Message initial: 3 oct. 09 10:51:16 GMT+02:00
Thanks for this comment: I am always suspicious about the ambivalence of Niail Fergusson who always seems to criticize the system but to finally conclude that TINA (There Is No Alternative).
Should you write write your comments in french - since you are on a french site - would take out out you unilingual universe!

All the best!

JD

En réponse à un message antérieur du 1 mai 10 03:01:47 GMT+02:00
Dernière modification par l'auteur le 1 mai 10 03:03:52 GMT+02:00
fCh dit:
Jules, thank you for your comment/suggestion! Yes, I'd like to write in French if I could.

You and others may ask why I decided to post my review on a French site. The answer is simple, Ferguson is as compelling/persuasive as he is mistaken. Your TINA-observation is right on the money(sic!). I hope a review like mine makes people think twice about Ferguson's theses...

Yes, I used to like Ferguson, but started to grow skeptical of his views after the neocon invasion of Iraq--he comes out as a supporter of empire(s). Now, I find him a revisionist of the recent economic history and it's too much at stake to let it pass in the name of academic speculation or such.

Since I am on a French site, i can say that the French school of economic thought is very sound, albeit little translated in English. As you say, Vive la différence!
‹ Précédent 1 Suivant ›

Détails de l'évaluation

Article

4.8 étoiles sur 5 (4 commentaires client)
5 étoiles:
 (3)
4 étoiles:
 (1)
3 étoiles:    (0)
2 étoiles:    (0)
1 étoiles:    (0)
 
 
 
EUR 24,91 EUR 20,89
Ajouter au panier Ajouter à votre liste d'envies
Commentateur


Lieu : GMT-5, USA

Classement des meilleurs critiques: 718.545