Banking industry must rebuild from new foundations

NEP’s own William K. Black weighs in on regulatory reform in light of Standard Chartered scandal. Read the story here.

One response to “Banking industry must rebuild from new foundations

  1. Not only the banking industry need be rebuilt from new foundations, the whole of the study of economics would benefit from like rebuild, but that would entail review and reconsideration of the history of classical political economics, distilling out the economics from the political from original sources. If economics were to be defined as the study of mankind’s ecology and the superstructures built upon that ecology, the core of economics has not changed much since mankind was drawing on cave walls; not so the superstructures developed to enhance economic activity (which comprise most of culture, the political structures needed to administer and manage economic groups and create systems of exchange of value, accounting for value and storing value). This would tend to relegate the politics of economics to politics that effect economy and more clearly show the affects of policy on economics, something which is mostly lacking from the present economic ideologies. The post was well put together and deserves some comment before it disappears to archive.