Books of Account
The End of Wall Street
Flawed tools for measuring risk
Counter to the view of its apostles, the market system of the late twentieth and early twenty-first century did not evolve in the natural course; it evolved with its own peculiar prejudices and rites, writes Roger Lowenstein in The End of Wall Street. The institution of government was nearly absent, and in its place had arisen a system of market-driven models, steeped in the mathematics of the new finance, he adds.