The Death of Capital

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In The Death of Capital, respected portfolio manager andlongtime investment professional Michael Lewitt looks at how theU.S. economy has increasingly been dominated by short-termspeculation rather than industrial expansion in recent years. Thesedisastrous trends, described here as financialization, ignore thefact that capital itself is a highly unstable process rather than afixed object or category. As a result of our failure to understandthe true nature of capital, we have developed a financial andregulatory system that does exactly the opposite of what it shouldbe doing--favoring obscurity over transparency and fomentinginstability rather than growth. In explaining where we have gone wrong Lewitt pulls few punchesin criticizing some of the counterproductive forces that have ledto the death of capital--including Wall Street practices suchas private equity and derivatives trading--which he views bothas economically unproductive and morally misguided. Page byinformative page, this timely guide: * Addresses "financialization" and its consequences, such as aweaker U.S. dollar, the destruction of American industries, and theloss of American economic and political influence * Explores the most important aspects of capital and capitalismthrough the prism of four of the world's great economicthinkers * Discusses how the legal system aided economic weakening byprivileging short-term investment goals * Calls for politically controversial reforms such as stricterregulation of hedge funds and private equity firms, banning nakedcredit default swaps and Structured Investment Vehicles, andprinciples-based reforms to improve systemic stability Financial reform is needed to make sure capital does not dieagain. Filled with in-depth insights and practical advice, TheDeath of Capital is not just a play-by-play of the recentfinancial crisis, but an original and passionate analysis of thetrends that led to it and what can be done in a regulatory sense toaddress the problems.

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Michael E. Lewitt

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