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Lecture 12 - Accountability and Greed in Investment Banking

Lecture 12 - Accountability and Greed in Investment Banking

This video was recorded at PLSC 270 - Capitalism: Success, Crisis and Reform. Professor Rae explores the creation of incentives and disincentives for individual action. The discussion begins with the Coase Theorem, which outlines three conditions for efficient transactions: 1) clear entitlements to property, 2) transparency, and 3) low transaction costs. Professor Rae then tells the story of a whaling law case from 1881 to highlight the power of...

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