Includes bibliographical references (p. 241-243) and index.

Past blunders and future choices -- Reflections on business, the lessons of history, and globalization -- If Adam Smith were alive today -- Troubling trends in financial markets and official policies -- Debt : the threat to economic and financial stability -- The decapitalization of American corporations -- Shortcomings in financial oversight -- From financial segmentation to concentration -- Financial concentration in economic thought -- Do we still need Glass-Steagall? -- Banking and commerce should not merge -- Postwar financial crises, 1966-2001 -- The great financial crisis of 2007-2009 -- Public policy and the markets -- The perils of monetary gradualism -- The Fed and the governance of financial institutions -- Transparency and the Fed -- Prospects for interest rates -- The financial consequences of the credit crisis.