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Taking financial risks is an essential part of what banks do, but there’s no clear sense of what constitutes responsible risk. Taking legal risks seems to have become part of what banks do as well. Since the financial crisis, Congress has passed copious amounts of legislation aimed at curbing banks’ risky behavior. Lawsuits against large banks have cost them billions. Yet bad behavior continues to plague the industry. Why isn’t there more change?
           
In Better Bankers, Better Banks, Claire A. Hill and Richard W. Painter look back at the history of banking and show how the current culture of bad behavior—dramatized by the corrupt, cocaine-snorting bankers of The Wolf of Wall Street—came to be. In the early 1980s, banks went from partnerships whose partners had personal liability to corporations whose managers had no such liability and could take risks with other people’s money. A major reason bankers remain resistant to change, Hill and Painter argue, is that while banks have been faced with large fines, penalties, and legal fees—which have exceeded one hundred billion dollars since the onset of the crisis—the banks (which really means the banks’shareholders) have paid them, not the bankers themselves. The problem also extends well beyond the pursuit of profit to the issue of how success is defined within the banking industry, where highly paid bankers clamor for status and clients may regard as inevitable bankers who prioritize their own self-interest. While many solutions have been proposed, Hill and Painter show that a successful transformation of banker behavior must begin with the bankers themselves. Bankers must be personally liable from their own assets for some portion of the bank’s losses from excessive risk-taking and illegal behavior. This would instill a culture that discourages such behavior and in turn influence the sorts of behavior society celebrates or condemns.

Despite many sensible proposals seeking to reign in excessive risk-taking, the continuing trajectory of scandals suggests that we’re far from ready to avert the next crisis. Better Bankers, Better Banks is a refreshing call for bankers to return to the idea that theirs is a noble profession.

With skillful storytelling, Matthew McKenzie weaves together the industrial, cultural, political, and ecological history of New England's fisheries through the story of how the Boston haddock fleet—one of the region's largest and most heavily industrialized—rose, flourished, and then fished itself into near oblivion before the arrival of foreign competition in 1961. This fleet also embodied the industry's change during this period, as it shucked its sail-and-oar, hook-and-line origins to embrace mechanized power and propulsion, more sophisticated business practices, and political engagement.

Books, films, and the media have long portrayed the Yankee fisherman's hard-scrabble existence, as he faced brutal weather on the open seas and unnecessary governmental restrictions. As McKenzie contends, this simplistic view has long betrayed commercial fisheries' sophisticated legislative campaigns in Washington, DC, as they sought federal subsidies and relief and, eventually, fewer constricting regulations. This clash between fisheries' representation and their reality still grips fishing communities today as they struggle to navigate age-old trends of fleet consolidation, stock decline, and intense competition.

The rise of America from a colonial outpost to one of the world’s most sophisticated and productive economies was facilitated by the establishment of a variety of economic enterprises pursued within the framework of laws and institutions that set the rules for their organization and operation.
           
To better understand the historical processes central to American economic development, Enterprising America brings together contributors who address the economic behavior of American firms and financial institutions—and the associated legal institutions that shaped their behavior—throughout the nineteenth and early twentieth centuries. Collectively, the contributions provide an account of the ways in which businesses, banks, and credit markets promoted America’s extraordinary economic growth. Among the topics that emerge are the rise of incorporation and its connection to factory production in manufacturing, the organization and operation of large cotton plantations in comparison with factories, the regulation and governance of banks, the transportation revolution’s influence on bank stability and survival, and the emergence of long-distance credit in the context of an economy that was growing rapidly and becoming increasingly integrated across space.

This book tells the story of Burma's financial system - of its banks, moneylenders and 'microfinanciers' - from colonial times to the present day. It argues that Burma's financial system matters, and that the careful study of this system can tell us something more general about Burma - not least about how the richest country in Southeast Asia at the dawn of the twentieth century, became the poorest at the dawn of the twenty-first. While financial systems and institutions matter in all countries, Turnell argues that they especially count in Burma as events in the financial and monetary sphere have been unusually, spectacularly, prominent in Burma's turbulent modern history. The story of Burma's financial system and its players is one that has shaped the country. It is a dramatic story of interest beyond the confines of economics and development studies.

If we are moving toward one global financial market, will all national financial systems that determine how businesses raise money look the same? Richard Deeg argues that, despite financial market integration and considerable harmonization in the regulation of financial markets, the traditional structure and economic functions of national financial systems are not inevitably undermined. Using the case of Germany--a country with a strong and distinctive financial sector that is at the center of the pressures of economic integration--the author shows how the unique aspects of the German financial sector and its relationship to the German economy have persisted notwithstanding powerful pressures to change. Posing the German model of coordinated capitalism in which banks play an important role in shaping both firm behavior and the possibilities for state intervention in the economy against the liberal model of the United States and Britain in which the securities markets play a much greater role than banks, Deeg shows how the German model has survived competitive pressures in the international economic system that have pushed Germany--and other countries--toward the liberal model.

This book will appeal to political scientists and economists interested in international financial markets, globalization, and the comparative study of domestic financial markets, as well as in German politics and the German economy.

Richard Deeg is Assistant Professor of Political Science, Temple University.

In this rich ethnographic study, Kelly D. Alley sheds light on debates about water uses, wastewater management, and the meanings of waste and sacred power. On the Banks of the Ganga analyzes the human predicaments that result from the accumulation and disposal of waste by tracing how citizens of India interpret the impact of wastewater flows on a sacred river and on their own cultural practices.
Alley investigates ethno-semantic, discursive, and institutional data to flesh out the interplay between religious, scientific, and official discourses about the river Ganga. Using a new outward layering methodology, she points out that anthropological analysis must separate the historical and discursive strands of the debates concerning waste and sacred purity in order to reveal the cultural complexities that surround the Ganga. Ultimately, she addresses a deeply rooted cultural paradox: if the Ganga river is considered sacred by Hindus across India, then why do the people allow it to become polluted?
Examining areas of contemporary concern such as water usage and urban waste management in the most populated river basin in the world, this book will appeal to anthropologists and readers in religious, environmental, and Asian studies, as well as geography and law.
Kelly D. Alley is Associate Professor and Director of Anthropology at Auburn University. In addition to being a prolific writer, she has conducted research on public culture and environmental issues in northern India for over a decade. Alley is currently overseeing a project to ameliorate river pollution problems in India.