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001484299 001__ 1484299
001484299 003__ OCoLC
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001484299 019__ $$a1410562126
001484299 020__ $$a3031290941$$qelectronic book
001484299 020__ $$a9783031290947$$q(electronic bk.)
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001484299 020__ $$z9783031290930
001484299 0247_ $$a10.1007/978-3-031-29094-7$$2doi
001484299 035__ $$aSP(OCoLC)1410593599
001484299 040__ $$aEBLCP$$beng$$erda$$cEBLCP$$dYDX$$dGW5XE$$dOCLCO$$dN$T
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001484299 050_4 $$aHG4523$$b.U34 2023
001484299 08204 $$a332.041$$223/eng/20231211
001484299 1001_ $$aUgeux, Georges,$$eauthor.
001484299 24510 $$aWall Street's assault on democracy :$$bhow financial markets exacerbate inequalities /$$cGorges [i.e. George] Ugeux.
001484299 264_1 $$aCham, Switzerland :$$bSpringer,$$c[2023]
001484299 300__ $$a1 online resource (246 p.)
001484299 336__ $$atext$$btxt$$2rdacontent
001484299 337__ $$acomputer$$bc$$2rdamedia
001484299 338__ $$aonline resource$$bcr$$2rdacarrier
001484299 504__ $$aIncludes bibliographical references.
001484299 5050_ $$aIntroduction: Wall Street's Denial -- 2022: The Year When the Veil of the Temple Was Torn -- 2023 or the Year Depositors Were Favored with Public Money: SVB, FRB, and Credit Suisse -- The Disconnect with the Real Economy -- An Unsustainable Inequality -- Financial Accountability -- The Pillars: Issuers and Investors in Search of Growth and Profit -- Companies Looking for Equity and Long-Term Financing -- Investors Look for Valuable Assets -- The Operators in Search of Liquidity -- Banks at the Heart of Conflicts of Interest -- Are Public Authorities Complicit or Ignorant? -- Central Banks to the Rescue of Financial Markets and Borrowers -- An Ecosystem at the Service of the Corporate World -- Financial Markets Operate in Their Own Interest -- The Growing Impact of Financial Markets on Households -- Is Financial Innovation Making Financial? -- When the Ideology of the Markets Defies Democracy -- Capital Markets, Politics, and Policies -- The Role of Taxation in Capital Inequalities -- An Undemocratic Coalition of Hostile Interests -- For a Democratic Reform of Financial Markets -- The Public Sector Must Reduce Its Dependency on Wall Street -- Refocusing Central Banks on Monetary Policy -- Redeploying the Corporate World on Its Mission -- Making Investors Accoountable -- Promoting Fair Markets -- Rebalancing Labor and Capital Through Taxation -- Reconciling Shareholders and Society -- Strengthening Financial Regulation -- Promote Education, Information, and Honest Communication -- The Governance of Markets: An Opportunity for Europe -- Renewing the Threads of Trust in Finance: An Ethical Endeavor -- These Books Inspired Me.
001484299 506__ $$aAccess limited to authorized users.
001484299 520__ $$aWithout equality there can be no democracy. Eleanor Roosevelt, 1944 Bill Gates famously said at the World Economic Forum in 2008: We have to find a way to make the aspects of capitalism that serve wealthier people serve poorer people as well. This book is an attempt to make financial markets a critical element of this news and capitalism. On November 24, 2020, in the midst of the second phase of COVID lockdown, the Dow Jones Industrial Average surpassed 30,000 points for the first time everto the delight of Wall Street. It was an increase of more than 100% from the beginning of the pandemic. It would peak at 37,500 a year later. This historic increase was not only the result of economic or financial performance but also from a dollar injection of more than $ 10 trillion of liquidity by governments and central banks that would fuel a surge of inflation in 2022. While it was intended to avoid an economic collapse around the world, liquidity sought refuge in the equity market, making shareholders wealthier while the population was suffering. The purpose of this book is to examine how the international financial market can reform themselves to reduce their inequalities and threaten democracy. It is neither a populist nor a capitalist book. Its underlying philosophy is humanism: The economy must be at the service of the people and the communities, not the markets or shareholders. Inequalities became obscene. With global indebtedness exceeding $ 300 trillion in 2022, -of which one quarter issued by sovereign borrowers- financial stability is at risk. In order to rebalance these inequalities, it is the mindset that needs to change. Recent events have demonstrated that a set of reforms are needed to reduce inequalities and improve democracy. It is not a coincidence that, even within democracies, we see the dangerous emergence of elements of dictatorship and autocracy. The corporate world obtained a halving of the corporate tax rate; in the OECD, corporate tax income represented less than 10% of the budget revenues. It fueled returns to shareholders and bondholders. The correlation of the remuneration of the corporate executives with the stock price of their company created a bias towards the increase of the stock price, sometimes to the detriment of financial stability. Until interest rates increased under inflationary pressure, dividends became an ever-growing revenue and were yielding more than long-term bonds. Capital markets became the place to boost capital without any equivalent for salaries. It is purely and simply unsustainable. The book presents twelve realistic, yet challenging, reforms that will improve capital markets and reduce their ability to exacerbate inequalities. They include the reduction of collusion between governments, corporations and central banks, a drastic review of corporate governance but also the introduction of ethical standards in the management of capital markets. Hopefully, it will feed the debate that has already started by providing practical suggestions and robust reforms. It should make our democracies more robust.
001484299 588__ $$aDescription based on online resource; title from digital title page (viewed on December 11, 2023).
001484299 650_6 $$aMarché financier$$xAspect moral.
001484299 650_6 $$aMarché financier$$xAspect social.
001484299 650_0 $$aCapital market$$xMoral and ethical aspects.$$xLaw and legislation$$zUnited States$$0(DLC)sh2009118328
001484299 650_0 $$aCapital market$$xSocial aspects.$$xLaw and legislation$$zUnited States$$0(DLC)sh2009118328
001484299 650_0 $$aDemocracy.$$0(DLC)sh 85025033
001484299 650_0 $$aEquality$$xEconomic aspects.$$0(DLC)sh 85041121
001484299 650_0 $$aCapitalism$$xSocial aspects.$$vCongresses$$0(DLC)sh2008100093
001484299 655_0 $$aElectronic books.
001484299 77608 $$iPrint version:$$aUgeux, Georges$$tWall Street's Assault on Democracy$$dCham : Springer International Publishing AG,c2023
001484299 852__ $$bebk
001484299 85640 $$3Springer Nature$$uhttps://univsouthin.idm.oclc.org/login?url=https://link.springer.com/10.1007/978-3-031-29094-7$$zOnline Access$$91397441.1
001484299 909CO $$ooai:library.usi.edu:1484299$$pGLOBAL_SET
001484299 980__ $$aBIB
001484299 980__ $$aEBOOK
001484299 982__ $$aEbook
001484299 983__ $$aOnline
001484299 994__ $$a92$$bISE