Wall Street's assault on democracy : how financial markets exacerbate inequalities / Gorges [i.e. George] Ugeux.
Ugeux, Georges, author.
2023
HG4523 .U34 2023
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Title Wall Street's assault on democracy : how financial markets exacerbate inequalities / Gorges [i.e. George] Ugeux.
Author Ugeux, Georges, author.
ISBN 3031290941 electronic book
9783031290947 (electronic bk.)
3031290933
9783031290930
DOI https://doi.org/10.1007/978-3-031-29094-7
Published Cham, Switzerland : Springer, [2023]
Language English
Description 1 online resource (246 p.)
Other Standard Identifiers 10.1007/978-3-031-29094-7 doi
Call Number HG4523 .U34 2023
Dewey Decimal Classification 332.041
Summary Without 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.
Bibliography, etc. Note Includes bibliographical references.
Access Note Access limited to authorized users.
Source of Description Description based on online resource; title from digital title page (viewed on December 11, 2023).
Available in Other Form Wall Street's Assault on Democracy
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Introduction: 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.

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