Some of the world’s most original thinkers explain the competitiveness challenge America faces and point the way forward.
Professors Robin Greenwood and David Scharfstein make recommendations in three important domains in which the U.S. financial system has underperformed: financial stability, housing finance, and investment costs.
The last three decades have seen American capitalism transformed by a simple idea—that the evaluation and compensation of managers and investors should be outsourced to financial markets, says Professor Mihir A. Desai.
The world is interdependent, and the U.S. economy is still too large for anyone to profit from a rapid decline in its well-being.