Financial Institutions
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Pedro Aspe, Former Secretary of Finance, Mexico and CEO of Protego, discusses two central conditions for an entrepreneurial society: 1) Education and 2) Reliable Institutions. Aspe emphasizes the importance of removing discretionary power, in matters of trade and finance, from the hands of public officials in order increase the reliability of an economic system. Aspe associates the remaining discretionary power on these matters with the...more
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The Epistle of Jude can be dated to somewhere during post-apostolic Christianity and before the formation of the Canon. It refers to the apostles as representing a prior generation, yet it quotes from texts later excluded (perhaps, for example, by 2 Peter) from the Canon. The letters of Ignatius of Antioch contain evidence of a move toward the institutionalization of early Christianity. It mentions, for example, three different church...more
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Professor Shapiro transitions to the third and final section of the course, an in-depth look at democracy and its institutions. According to him, democracy is the most successful at delivering on the mature Enlightenment's twin promises to recognize individual rights as the ultimate political good and to base politics on some kind of commitment to objective knowledge. And interestingly, democracy as a tradition was not made famous by its...more
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Most people might assume that Stanford University generates a large number of high profit licenses. Ku explains what the financial numbers really look like on average.
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Knowledge of historical context is crucial to understanding the New Testament. Alexander the Great, in his conquests, spread Greek culture throughout the Mediterranean world. This would shape the structure of city-states, which would share characteristically Greek institutions, such as the gymnasium and the boule. This would also give rise to religious syncretism, that is, the mixing of different religions. The rise of the Romans would...more
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Tarun Khanna, Professor at Harvard Business School, highlights the ability of entrepreneurs to provide solutions to social problems by telling the story of a cardiac hospital in India. Khanna points out that the founder, a cardiac surgeon and entrepreneur, has been able to achieve incredible results unmatched by private or public institutions around the world by rethinking the scale on which healthcare is delivered. Khanna emphasizes that...more
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Systemic risks of credit default swaps. Financial weapons of mass destruction.
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Philosophers and theologians have railed against interest for thousands of years. But that is because they didn't understand what causes interest. Irving Fisher built a model of financial equilibrium on top of general equilibrium (GE) by introducing time and assets into the GE model. He saw that trade between apples today and apples next year is completely analogous to trade between apples and oranges today. Similarly he saw that in a...more
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First, Professor Shiller discusses today's changing financial system and recent market stabilization reform introduced by U.S. Treasury Secretary Henry Paulson. The financial system is inherently unstable and would benefit from more surveillance, particularly for consumer protection issues, given the recent subprime mortgage crisis. Although this particular reform might not be successful, more regulators and policymakers are talking about...more
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Fleury talks about how along with financial backing, VC's have a unique body of knowledge that is highly useful for anyone starting their own business.
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If we don't recognize that the unequal distribution of wealth is unsustainable, then, perhaps, says author David Rothkopf, more sinister political tensions and divisions will ensue. He advocates that the planet needs to reflect upon why we have one set of rules for our geographic community, and a different set of rules for institutions, among them the for-profit sector. Only when we hold the powerful players in economics responsible for...more
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