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The Intellectual Origins of the Global Financial Crisis$
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Roger Berkowitz and Taun N. Toay

Print publication date: 2012

Print ISBN-13: 9780823249602

Published to Fordham Scholarship Online: January 2013

DOI: 10.5422/fordham/9780823249602.001.0001

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Short-Term Thinking

Short-Term Thinking

Chapter:
(p.177) Seventeen Short-Term Thinking
Source:
The Intellectual Origins of the Global Financial Crisis
Author(s):

Olivia Custer

Publisher:
Fordham University Press
DOI:10.5422/fordham/9780823249602.003.0018

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

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