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In
this innovative and exhaustive study, Steven A. Ramirez posits that the
subprime mortgage crisis, as well as the global macroeconomic catastrophe it
spawned, is traceable to a gross failure of law.
The
rule of law must appropriately channel and constrain the exercise of economic
and political power. Used effectively, it ensures that economic opportunity
isn’t limited to a small group of elites that enjoy growth at the expense of
many, particularly those in vulnerable economic situations. In Lawless Capitalism, Ramirez calls for
the rule of law to displace crony
capitalism. Only through the rule of law, he argues, can capitalism be
reconstructed.
