Financial reform

16/10/2012 § Leave a comment

Walter Bagehot states that ‘the briefest and truest way of describing Lombard Street is to say that it is the greatest combination of economical power and economical delicacy the world has ever seen’. The greatness of the delicacy is easy to understand. From a laissez-faire position, any proposal to make the management of such economical power an exception to the general rule that competition should be free from any government intervention is hard to swallow. Yet few would mantain that the financial market is a market like any other. Differences of opinion about financial reform mainly depend on the different reasons on which this position is based. pdf

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