American Capitalism: The Psychology of Greed
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The paper looks at how in the book, "History of Greed", author David Sarna chronicles the development of financial fraud throughout America's history and explains how American capitalism in the 21st century is founded in what he calls "air business". The paper discusses how Sarna analyzes the psychology and culture of greed that has infested American capitalism throughout the years and looks at how he provides a moral and ethical perspective to the action of creating 'money bubbles' from 'air businesses'.
From the Paper:"In the book, History of Greed, author David Sarna chronicled the 'development' of financial fraud throughout America's history, using as his reference point the recent economic crisis that occurred in the country and inevitably affected capitalist countries in 2008. The 'bursting of the bubble' prompted not only finance analysts to evaluate America's economic situation, but it also acted as a turning point that made America and the rest of the world to reflect about the way money and investments were handled, primarily in the American business arena and secondarily, the international business landscape. Ultimately, the 2008 economic crisis made the whole world realize the unstable economic foundations of American capitalism--one that is founded on, as in the words of Sarna, "air business" (Sarna, 2010:2).
"To generally describe American capitalism in the 21st century as founded in "air business" is an apt description, as further financial investigations have found, wherein stocks were illegally sold and bought through different trading schemes. The 'technique' of short selling stocks, for example, reflected Sarna's concept of air business: both legal and illegal transactions were made 'out of air,' wherein no actual exchange of tangible goods happened."
Sample of Sources Used:
- Sarna, D. (2010). History of Greed: Financial Fraud from Tulip Mania to Bernie Madoff. NJ: John Wiley & Sons, Inc.
Cite this Book Review:
American Capitalism: The Psychology of Greed (2013, May 26) Retrieved February 28, 2021, from https://www.academon.com/book-review/american-capitalism-the-psychology-of-greed-153369/
"American Capitalism: The Psychology of Greed" 26 May 2013. Web. 28 February. 2021. <https://www.academon.com/book-review/american-capitalism-the-psychology-of-greed-153369/>