Ten years ago this week, the investment bank Lehman Brothers filed for bankruptcy, initiating a worldwide financial crisis that resulted in the Great Recession. Massive bailouts, the Obama stimulus package, and some amount of international comity—each imperfect, even ugly, in its own way—prevented what was otherwise very likely: another Great Depression.
But, as Jonathan Kirshner presciently warned in these pages in 2011, “the collective sigh of relief and overconfident pronouncements emanating from Wall Street and Washington obscure the fact that we have done little to avert an even worse crisis in the future. We may have stanched the bleeding, but the underlying disease—a culture, ideology, and political economy of uninhibited finance—remains. Indeed, by tiptoeing around the real issues we may ultimately make things worse.”
From the vantage of 2018—where, despite the appearance of a strong economy, economic inequality is ballooning—it is hard to disagree. The pieces below highlight just how far we still are from meaningful financial reform. They also help us imagine a more just economy by defining what, exactly, it is that we owe one another.
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