13 Bankers The Wall Street Takeover and the Next Financial Meltdown
“13 Bankers: The Wall Street Takeover and the Next Financial Meltdown” by Simon Johnson, published by Knopf Doubleday Publishing Group on January 11, 2011, is a reprint edition comprising 336 pages. This book examines the American banking industry’s evolution following the financial crisis of 2008, highlighting how it has become larger, more profitable, and increasingly resistant to regulation. Johnson analyzes the dominance of six megabanks, which control over 60 percent of the nation’s gross domestic product, and discusses their ability to influence both the economy and political reform efforts.
Readers will find a detailed exploration of the financial sector’s rise to power and the implications of its oligarchic structure. Johnson argues for the necessity of breaking up these large banks to prevent future financial disasters. The book also includes updated insights into recent government attempts to reform the banking industry, making it a relevant examination of the intersection between economic history and political economy. This edition provides a comprehensive look at the challenges facing the banking sector and the broader implications for society.
Official synopsis Publisher
In spite of its key role in creating the ruinous financial crisis of 2008, the American banking industry has grown bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks whose assets amount to more than 60 percent of the country’s gross domestic product, this oligarchy proved it could first hold the global economy hostage and then use its political muscle to fight off meaningful reform. 13 Bankers brilliantly charts the rise to power of the financial sector and forcefully argues that we must break up the big banks if we want to avoid future financial catastrophes.
Updated, with additional analysis of the government’s recent attempt to reform the banking industry, this is a timely and expert account of our troubled political economy.
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