Economics & Finance

The Bankers' New Clothes: What's Wrong with Banking and What to Do about It - Updated Edition

    Preface by
  • Anat Admati
  • Martin Hellwig

Why our banking system is broken—and the reforms needed to fix it


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Mar 23, 2014
6 line illus. 4 tables.
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The past few years have shown that risks in banking can impose significant costs on the economy. Many claim, however, that a safer banking system would require sacrificing lending and economic growth. The Bankers’ New Clothes examines this claim and the narratives used by bankers, politicians, and regulators to rationalize the lack of reform, exposing them as invalid. Anat Admati and Martin Hellwig argue that we can have a safer and healthier banking system without sacrificing any of its benefits, and at essentially no cost to society. They seek to engage the broader public in the debate by cutting through the jargon of banking, clearing the fog of confusion, and presenting the issues in simple and accessible terms.

Awards and Recognition

  • Anat Admati, One of Time Magazine’s 100 Most Influential People for 2014
  • Winner of the 2013 PROSE Award in Business, Finance & Management, Association of American Publishers
  • Co-Winners of the 2014 Bronze Medal in Economics, Axiom Business Book Awards
  • One of BloombergBusinessweek Best Books of 2013, selected by Jason Furman (chairman of the U.S. Council of Economic Advisors)
  • One of Choice's Outstanding Academic Titles for 2013
  • One of The Wall Street Journal's Best Nonfiction Books of 2013
  • One of Financial Times ( Best Economics Books of 2013
  • Shortlisted for the 2013 Deutsche Wirtschaftsbuchpreis (German Business and Economics Book Award), sponsored by Handelsblatt, the Frankfurt Book Fair, and Goldman Sachs
  • Selected for the ‘Moyers & Company’ Recommended Books List 2014
  • Shortlisted for the 2013 Spear's Book Award in Business