Is the current crisis a watershed, with market-led globalisation, financial capitalism and western domination on the one side and protectionism, regulation and Asian predominance on the other? Or will historians judge it, instead, as an event caused by fools, signifying little, asks Martin Wolf
The more the crisis unfolds, the more evident it is that incentives in the financial system were (and are) badly distorted, says Martin Wolf. At the end, will the number of institutions thought ‘too big to fail’ be as large as now and, if so, how will they be controlled?
Over almost three decades, policymakers became ever more confident they had found, in inflation targeting, the holy grail of fiat (or man-made) money. Today, they are struggling with the deepest recession since the 1930s and the danger of deflation. How can it have gone so wrong, asks Martin Wolf
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