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Lawless Capitalism: The Subprime Crisis and the Case for an Economic Rule of Law Hardcover – December 3, 2012
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"The main value of this book lies in the fact that it 'articulates a legal framework that comprehends the link between law and macroeconomic stability and growth.'"-BIZ INDIA
"Thoughtful, well-constructed volume."-Choice
"[The book] explores the role of corrupted law and regulation in the financial crisis of 2007-09 and its ongoing macroeconomic consequences. [It] presents a legal framework that comprehends the links between law and macroeconomic growth."-Journal of Economic Literature
"Ramirez catalogues the many ills and failures in the American economic system, casting a broad net that implicates governing institutions, political and corporate elites, and their policy agendas. He provides a valuable contribution to discussions on reforming capitalism and restoring the foundations of middle class prosperity through a renewed commitment to transparency, economic democracy, and the rule of law."-Timothy A. Canova,Nova Southeastern University
"Capitalism and the profit motive can stimulate human productivity and innovation. But they can also lead to corruption, shady politics, and self-dealing. This brilliant book shows how intelligently designed laws and lawsuits can facilitate the former and discourage the latter. . . . Steven Ramirez is the new Andrew Hacker. He wields statistics, numbers, and concepts like a scalpel."-Richard Delgado,co-author of Critical Race Theory
“Unlike some articles on the crisis, Ramirez takes great pains to show that racism pervades out economy and political system, and that this fundamentally helped to create the financial meltdown. He begins with an examination of the untapped human potential, explains how the system is stacked against people of color, and reveals that people of color were the victims of the very subprime mortgages that elites bundled into securities and sold to unwitting investors around the world.”-Law Library Journal
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Professor Ramirez's main working assumption is very direct-that concentration of economic power in too few hands creates economic despotism. Lawless Capitalism brilliantly posits that power concentration by financial and economic elites, coupled with their ability to distort legal norms and regulations, all for the sake of profits, fueled the Great Recession and inflicted mass economic catastrophe upon the majority of American society. In a precise and surgical fashion, Professor Ramirez examines the bipartisan laws and regulations, passed or adopted since 1978, that have served to further entrench economic elites, and that ultimately have led to the undermining and corruption of American capitalism. Ultimately, Professor Ramirez posits that an economic rule of law, much like the US Constitution curbs political despotism, is needed to channel and curb the abuses of financial and economic elites in American society. Professor Ramirez advocates for a system whereby we have legal and regulatory infrastructures and norms that impose responsibility and accountability on financial elites.Read more ›