Trust and reputation are central to the operation of capital markets. But in our generation, reputational mechanisms are failing; and when they fail, markets and societies are also at risk of failure. The usual response has been to call for more aggressive regulation, yet this only worsens the problem, as Jonathan Macey shows in his new book. There, he demonstrates how and why poorly considered regulation has undermined traditional trust mechanisms throughout financial institutions, credit rating agencies, and accounting and law firms.
- Jonathan Macey, Yale Law School and Yale School of Management
- Damon Silvers, AFL-CIO
- Harvey Pitt, Kalorama Partners and Former Chairman, U.S. Securities and Exchange Commission
- Moderator: Mark Calabria, Cato
The Cato Institute