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Why Players Need a New Rulebook

In: The Money Trap

Author

Listed:
  • Robert Pringle

    (Central Banking Publications)

Abstract

A good GFS should make it possible for participants to achieve their legitimate interests while also channelling the results of their pursuit of self-interest to the service of the community. Adam Smith’s invisible hand always did need a proper structure of rules and ethical behaviour — and stable money — to function properly. Yet in the course of the years from the 1970s onwards the GFS developed in such a way that it frustrated players from achieving their key longer-term objectives. These players included financial institutions, multinational corporations, other businesses involved in international trade and investment, and individuals, whether as taxpayers or investors. We first look at the point of view of some major players and then discuss what went wrong.

Suggested Citation

  • Robert Pringle, 2014. "Why Players Need a New Rulebook," Palgrave Macmillan Books, in: The Money Trap, chapter 2, pages 19-34, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-39275-5_2
    DOI: 10.1057/9780230392755_2
    as

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