“In asking whether the recent financial crisis could have been avoided, the crucial fact is that crises of various flavors have occurred for centuries in countries around the world. Thus, any explanation based mainly on recent factors — subprime lending, derivatives trading, or financial deregulation — cannot be the whole story. A full account must identify factors that have been present widely, and for centuries.” Read more.
“More Than Just Greed”
Via the Cato Institute, January 30, 2011.
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