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Other financial institutions and instruments just transfer existing purchasing power between parties.
We cannot function in a Union of more than 20 countries with the institutions and instruments originally designed for six.
The result would be a controlled liberalisation of capital outflows, along with the creation of new financial institutions and instruments at home.
Our economic security is mortgaged to financial institutions and instruments whose complexity overwhelms our attempts to understand them, and which are liable, as recent years have so explosively shown, to turn us into hapless victims of their unravelling.
It probably also has disproportionately greater access to the institutions and instruments of public commentary (via lectures, news reports, columns, and articles) and is likely therefore to make a disproportionately large amount of critical noise about modern marketing.
First, the staff at the Chicago-Kent College of Law Library have prepared a 2008 Financial Crisis Primer, a bibliography of books, articles, and videos for learning about the people, institutions, and instruments involved, as well as background reading and guides to the bailout and regulations.
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One does not regulate markets, institutions and financial instruments; one regulates the human beings who make the markets, who oversee the institutions and who sell the financial instruments.
This time around, we're not dealing just with insured deposits at banks and thrifts, but with a range of financial institutions and credit instruments whose implosion could have serious and unforeseen consequences.
Countries, institutions, and financial instruments may change over time, but human nature does not.
"Countries, institutions, and financial instruments may change over time," they observe, "but human nature does not". Mayer's argument is that the companies underlying the last tech boom in 1999 were built on sand, unlike now.
Various matters, however, were left pending, including issues related to finance and transfer of technology, trade and environment, institutions and legal instruments.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com