Ebook When All Else Fails: Government as the Ultimate Risk Manager, by David A. Moss
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When All Else Fails: Government as the Ultimate Risk Manager, by David A. Moss
Ebook When All Else Fails: Government as the Ultimate Risk Manager, by David A. Moss
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One of the most important functions of government--risk management--is one of the least well understood. Moving beyond the most familiar public functions--spending, taxation, and regulation--When All Else Fails spotlights the government's pivotal role as a risk manager. It reveals, as never before, the nature and extent of this governmental function, which touches almost every aspect of economic life.
In policies as diverse as limited liability, deposit insurance, Social Security, and federal disaster relief, American lawmakers have managed a wide array of private-sector risks, transforming both the government and countless private actors into insurers of last resort. Drawing on history and economic theory, David Moss investigates these risk-management policies, focusing in particular on the original logic of their enactment. The nation's lawmakers, he finds, have long believed that pervasive imperfections in private markets for risk necessitate a substantial government role. It remains puzzling, though, why such a large number of the resulting policies have proven so popular in a country famous for its anti-statism. Moss suggests that the answer may lie in the nature of the policies themselves, since publicly mandated risk shifting often requires little in the way of invasive bureaucracy. Well suited to a society suspicious of government activism, public risk management has emerged as a critical form of government intervention in the United States.
- Sales Rank: #1387600 in Books
- Brand: Brand: Harvard University Press
- Published on: 2004-10-25
- Released on: 2004-08-23
- Original language: English
- Number of items: 1
- Dimensions: 9.25" h x 1.19" w x 6.13" l, 1.10 pounds
- Binding: Paperback
- 464 pages
- Used Book in Good Condition
Review
David Moss's book makes an innovative and persuasive contribution to the history of regulation and social policy in the United States...This is a major work in the field. (John Coatsworth, Harvard University)
I am very enthusiastic about this book since I have learned so much from it about the origins of our economic institutions and about the fundamental principles by which our government creates value for society. It is a profoundly enlightening book. (Robert J. Shiller, author of Irrational Exuberance)
When All Else Fails very effectively explores the search for protection from the risks of modern life...We need more books like this that seamlessly combine economics and political analysis to help us understand the history of important areas of public policy. (Harvey M. Sapolsky, Massachusetts Institute of Technology)
When All Else Fails is a dazzling and bold new intellectual history of the relation between government and the economy in the United States...Like John Kenneth Galbraith, Moss has a gift for making economics and finance come alive...He could well turn out to be one of our leading public intellectuals in addition to being a first-rate scholar. (Deborah Stone, Brandeis University)
This is an important book that should reshape public debate on the relationship between governments and private markets...It should penetrate Washington as well as Cambridge, should spur debate in Regulation as well as the Journal of Political Economy, and should be read by George W. Bush as well as students in courses on political economy and on business government relations...The time is certainly right. (Kenneth A. Oye, Massachusetts Institute of Technology)
This is an important book...Moss combines the insights of economics, history, law, and political science to create a new framework for understanding government...His risk management framework cuts through the liberal/conservative debate in U.S. politics because it demonstrates continuities where others have seen only divides. (Tom Baker, University of Connecticut)
David Moss...offers a novel perspective on the extraordinary expansion of government. Where once it confined its remit to the bare essentials of defence, internal security and the enforcement of private-property rights, today's leviathan spreads into every corner of national life, not just by taxing and spending but also by regulating. Much of the growth, Mr. Moss argues, has come from the state's unique ability to reallocate risk. Government has expanded its reach because it is the ultimate risk manager...[An] enlightening book. (The Economist 2002-05-11)
Moss examines public policy attempts to either spread or shift the burden of risk from a favored group to others by tracing major US social reform movements...Given the antistatist nature of American democracy, Moss concludes that government's redistribution of various risks of its favored citizens has served as a substitute for a more significant redistribution of income. Readers interested in the historical roots of American institutions should find this book a treat. (R. Kelly Choice 2002-11-01)
This is a useful and worthwhile book for anybody interested in the evolution of U.S. government risk management or effective policy design. Professor David Moss argues that the U.S. government has since its inception acted as a manager of risk due to its unique ability to enforce action...Moss deserves congratulations for showing government policy to be more than self-interested rent seeking and for revealing the reasoning behind government risk management--a recommended book. (Thomas Kemp Journal of Economic Issues)
Review
David Moss's book makes an innovative and persuasive contribution to the history of regulation and social policy in the United States...This is a major work in the field. (John Coatsworth, Harvard University)
From the Publisher
David Moss's book makes an innovative and persuasive contribution to the history of regulation and social policy in the United States . . . This is a major work in the field. —John Coatsworth, Harvard University
When All Else Fails very effectively explores the search for protection from the risks of modern life . . . We need more books like this that seamlessly combine economics and political analysis to help us understand the history of important areas of public policy. —Harvey M. Sapolsky, Massachusetts Institute of Technology
Most helpful customer reviews
0 of 0 people found the following review helpful.
but a good read. Lots of great
By c i eliot
Very academic, but a good read. Lots of great research
0 of 0 people found the following review helpful.
Moral Hazard as Policy....
By Franz K.
"Too Big to Fail"
"A risk to the economy"
We see these phrases in the media now more and more. What they imply is the mutalization of all risk i.e. the risks that individual managers take of "too large to fail" institutions will be borne by the government, and therefore all of us.
If JPM or C rolled over today - would the US government let it happen? Would the IMF? Would the BIS? Of course not. We are all implictly short a load of puts on collective market risk. This incentivizes individual managers to make riskier bets (and actually forces them to do so, if they want to remain competitive). This therefore raises the strike of these puts higher and higher i.e. things can go very badly much sooner, and individual institutions are LESS insulated from market volaitlity than they were 30-40 years ago.
Sub-prime moral hazard is playing itself out now (q1 '08). Credit creation through innovation unlocks equity and allows for economic expansion. This is a reasonable policy goal. However, Moss' claim is that this innovation (unlike in Silicon Valley), comes with a built in safety net that encourages excessive risk taking.
12 of 13 people found the following review helpful.
One of the best books on economic policy out there
By A Customer
I bought this book on the strength of a review in The Economist and was not disappointed. With policies as varied as limited liability, central banking, deposit insurance, and Social Security, American legislators transformed government into an insurer of last resort. Sometimes they shift risk from prospective victims to those better able to afford the loss (product liability); at other times they spread catastrophic risks over the whole tax base (flood insurance). The book charts the expansion of government in the United States from the late 19th century to its zenith in the late 1970s. The author answers the objections of the Chicago and Austrian schools - Becker, Hayek, Mises, and the others - in convincing fashion thanks to its moderate tone and extensive research. The prose is clear, surprising for a book dealing with such complex subject matter. The chapter on the emergence of limited liability corporations is particularly strong. Unfortunately, the chapter on product liability could have used a bit more skepticism. Few readers will share the author's view that tort lawyers are an unalloyed blessing. The author sidesteps many of the problems we now face with exploding damage awards and wide discrepancies in the awards handed down in various jurisdictions. Nor does he grapple with the consequences these problems impose for medical research and the US insurance industry.
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