Amartya Sen Against Rule by Bankers and Rating Agencies

Amartya Sen speaks, we should listen:

“Rearranging the eurozone now would have many problems, but difficult issues have to be intelligently discussed, rather than allowing Europe to drift in financial winds fed by narrow-minded thinking with a terrible track record. The process has to begin with some immediate restraining of the unopposed power of rating agencies to issue unilateral commands. These agencies are hard to discipline despite their abysmal record, but a well-reflected voice of legitimate governments can make a big difference to financial confidence while solutions are worked out, especially if the international financial institutions lend their support. Stopping the marginalisation of the democratic tradition of Europe has an urgency that is hard to exaggerate. European democracy is important for Europe – and for the world.”

Read the whole thing.

3 thoughts on “Amartya Sen Against Rule by Bankers and Rating Agencies

  1. Having read the original article, I have to say that the EU is NOT a democracy, and that is part of the problem! The other part is that the EU have introduced monetary union prematurely. The Euro is a currency shared by a number of independent states that are in the process of shedding their power, bit by bit, and giving it to the EU instead. A common currency should have come much, much later down the road.

    I’ve also read some of the vast number of comments in the Guardian article. There is a lot of anger, even fury, over the fate of countries like Greece, Ireland and Portugal, with others likely to follow.

  2. Pingback: Amartya Sen Against Rule by Bankers and Rating Agencies « Economics Info

  3. Amartya Sen is a Keynesian economist who said the grate Bengal famine occurred due to lack of paper money supply and not food supply shortage, got a Nobel price for it!

    Any economics book that do not define wealth in the first chapter and the said definition of wealth should sustain life, then the book is not worth reading.

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