The New Financial Order : : Risk in the 21st Century / / Robert J. Shiller.

• Superior document: Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Backlist 2000-2013
• VerfasserIn: Shiller, Robert J.,
• Place / Publishing House: Princeton, NJ : : Princeton University Press, , [2009]; ©2004
• Year of Publication: 2009
• Edition: Course Book
• Language: English
• Physical Description: 1 online resource (384 p.)

In his best-selling Irrational Exuberance, Robert Shiller cautioned that society's obsession with the stock market was fueling the volatility that has since made a roller coaster of the financial system. Less noted was Shiller's admonition that our infatuation with the stock market distracts us from more durable economic prospects. These lie in the hidden potential of real assets, such as income from our livelihoods and homes. But these ''ordinary riches,'' so fundamental to our well-being, are increasingly exposed to the pervasive risks of a rapidly changing global economy. This compelling and important new book presents a fresh vision for hedging risk and securing our economic future. Shiller describes six fundamental ideas for using modern information technology and advanced financial theory to temper basic risks that have been ignored by risk management institutions--risks to the value of our jobs and our homes, to the vitality of our communities, and to the very stability of national economies. Informed by a comprehensive risk information database, this new financial order would include global markets for trading risks and exploiting myriad new financial opportunities, from inequality insurance to intergenerational social security. Just as developments in insuring risks to life, health, and catastrophe have given us a quality of life unimaginable a century ago, so Shiller's plan for securing crucial assets promises to substantially enrich our condition. Once again providing an enormous service, Shiller gives us a powerful means to convert our ordinary riches into a level of economic security, equity, and growth never before seen. And once again, what Robert Shiller says should be read and heeded by anyone with a stake in the economy.

Table of Contents

Frontmatter -- Contents -- Preface -- Acknowledgments -- Introduction: The Promise of Economic Security -- Part One: Economic Risks in an Advancing World -- Part Two: How Science and Technology Create New Opportunities in Finance -- Part Three: Six Ideas for a New Financial Order -- Part Four: Deploying the New Financial Order -- Part Five: The New Financial Order as a Continuation of a Historical Process -- Epilogue: A Model of Radical Financial Innovation -- Notes -- References -- Index