Ten Years On: What Have We Learned? What Have We Done? What Must We Do?

18 Pages Posted: 10 Dec 2018 Last revised: 30 Mar 2023

Date Written: December 10, 2018


Ten years after the financial dramas of Autumn 2008, I take stock of what we have learned, what we have done, and what we have yet to do if we would avoid a repeat performance. The primary lessons I draw are that income and wealth distribution, the endogeneity of credit-money, and finance system structure all matter profoundly not only where justice, but also where systemic stability is concerned. The longer-term tasks still before us include a much broader and financially engineered diffusion of capital ownership over our population, citizen central banking, a permanent national investment authority, continuous public open labor market operations, debt-free or low-debt education and health insurance, and an updated form of segregating capital-raising primary from asset-trading secondary markets in the financial sector. Shorter-term tasks include debt-forgiveness, a restoration of labor rights and countercyclical progressive taxation, and restored citizen-ownership of our secondary market makers in home mortgage and higher education debt. These measures will restore the nation to its erstwhile status as a productive middle class ‘yeoman republic,’ and in so doing will restore both justice and efficiency to our social and economic arrangements.

Keywords: 2008 Crisis, Crisis, Dodd-Frank, Financial Crisis, Endogenous Money, Financial Reform, Financial Regulation, Financial System, Income Inequality, Inequality, Money, Public Investment, Structural Reform, Wealth Inequality

Suggested Citation

Hockett, Robert C., Ten Years On: What Have We Learned? What Have We Done? What Must We Do? (December 10, 2018). 62 Challenge __ (2019), Cornell Legal Studies Research Paper No. 19-03, Available at SSRN: https://ssrn.com/abstract=3298833 or http://dx.doi.org/10.2139/ssrn.3298833

Robert C. Hockett (Contact Author)

Cornell University - Law School ( email )

Myron Taylor Hall
Cornell University
Ithaca, NY 14853-4901
United States

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