"The world is encountering multiple crises - climate, droughts, floods, energy, food, and pandemics. This book is about how capitalism can fix them - how it can solve not cause them. The reason why it has caused them is that we have misconceived the nature of our capitalist system. We have...

Banking regulation routinely designates some assets as safe and thus does not require banks to hold any additional capital to protect against losses from these assets. A typical such safe asset is domestic government debt. There are numerous examples of banking regulation treating domestic...