By Peston, Robert
Taxpayers have rescued the banking system to the tune of $15 trillion of loans, guarantees and investments -- equivalent to more than a quarter of global economic output. We have the power of life and death over banks and, increasingly, companies such as car manufacturers. How sh...ould we use this power? How can we ensure that banks and companies properly serve our interests? Our governments have accumulated huge debts, which we will all have to pay off over the coming years of recession. The prudent are now being punished to rescue the feckless, so how can we escape the cycle of impoverishment when our society seems unable to create serious incentives for long term investment and saving? How did the banks stop being our servants, and start lending billions to those with little realistic prospect of repaying the debt? And when did bankers bonuses become a 'heads I win, tails you lose' system? What is the future of our economy? If we all own the banks and private companies, shouldn't they start behaving responsibly? Robert Peston answers all these questions and looks to the economic future for the world. The New Capitalism is essential reading for anyone who wants to understand how we got into this mess, and how we can get out of it.Read more
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Robert Peston is the BBC's award-winning business editor. He was previously the Sunday Telegraph's city editor and political editor, financial editor and head of investigations at the Financial Times. His prize-winning blog can be found at www.bbc.co.uk/robertpeston.
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