Chapter

Short-Term Thinking

Olivia Custer

in The Intellectual Origins of the Global Financial Crisis

Published by Fordham University Press

Published in print September 2012 | ISBN: 9780823249602
Published online January 2013 | e-ISBN: 9780823250752 | DOI: http://dx.doi.org/10.5422/fordham/9780823249602.003.0018
Short-Term Thinking

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This chapter asks whether the financial crisis was due to the rise of short-term thinking in politics. The author shows how political actors as diverse as Alan Greenspan and President Obama point to “short-term thinking” as endemic to the crash. The story these commentators tell is one of short-term interests overwhelming more rational analysis. The idea that short-term thinking is the culprit in such crises has become a cliché. There are, however, short-term interests that are important. For Custer, the rhetorical preference for long-term interests has a political and ideological underpinning that must be resisted.

Keywords: Short Term Thinking; Hannah Arendt; Alan Greenspan; Adam Smith; Free Market Economics; President Obama; Max Weber; Emile Zola; Adam Smith

Chapter.  5824 words. 

Subjects: Social and Political Philosophy

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