Lawless Capitalism: The Subprime Crisis and the Case for an Economic Rule of Law

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Lawless capitalism This page intentionally left blank Lawless Capitalism The Subprime Crisis and the Case for an Economic Rule of Law Steven A. Ramirez a NEW YORK UNIVER SI T Y PRES S New York and London NEW YORK UNIVERSITY PRESS New York and London www.nyupress.org© 2013 by New York University All rights reserved References to Internet websites (URLs) were accurate at the time of writing. Neither the author nor New York University Press is responsible for URLs that may have expired or changed since the manuscript was prepared. Library of Congress Cataloging-in-Publication Data Ramirez, Steven A. Lawless capitalism : the subprime crisis and the case for an economic rule of law / Steven A. Ramirez. p. cm. Includes bibliographical references and index. ISBN 978-0-8147-7649-0 (cl : alk. paper) ISBN 978-0-8147-7650-6 (ebook) ISBN 978-0-8147-7729-9 (ebook) 1. Global Financial Crisis, 2008-2009—Moral and ethical aspects. 2. Financial crises— Moral and ethical aspects—United States. 3. Capitalism—Moral and ethical aspects— United States. 4. Corporate governance—Moral and ethical aspects—United States. 5. Business and politics—United States. 6. Financial institutions—Law and legislation— United States. 7. Law and economics. 8. Liability (Law) I. Title. HB37172008 .R36 2012 174—dc23 2012024880 New York University Press books are printed on acid-free paper, and their binding materials are chosen for strength and durability. We strive to use environmentally responsible suppliers and materials to the greatest extent possible in publishing our books. Manufactured in the United States of America 10 9 8 7 6 5 4 3 2 1 To the entire Ramirez Family, who stand as testament to the benefits of broadly distributed economic empowerment This page intentionally left blank ...