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Extra resources for Governance Amid Bigger, Better Markets

Example text

Deep and Schaefer find ample evidence that banks, as a class, are no longer as preeminent as they once were within the financial system. Commercial banks account for a falling share of credit extended, while bank deposits form a sharply lower proportion of households’ assets. Viewed from the banks’ perspective, deposits account for a declining fraction of total bank liabilities, and classic “demand deposits” have fallen even faster (in relative terms) as consumers have learned to accept some limits on access to their funds in exchange for higher returns.

And it seems silly to free depositors from any reason to pay attention to the good sense and solidity of the institutions that steward their savings. Although these concerns do not make the case against the current system, they hint at the potential merits of modernizing the system should market-geared updating turn out to be workable. A “liquidity shortfall”—the problem to which deposit insurance is the solution—happens when depositors can demand (right away) more money from their bank than the bank can demand (right away) from its borrowers.

If we think of the “marketplace of ideas” as no metaphor but just one case of market organization, the conversation shifts from unreflective reverence to pragmatic assessment of the market’s soundness. For some, the thrust of that conversation will be that “the same concerns for market failure, resource disparity, and capture . . ” He thus strikes a heterodox note, by the American catechism, while ending his essay on an even larger theme than launched it. Following Schauer’s reflections on truth, Anna Greenberg takes up politics.

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