This is not a credit crisis
AbstractUsing an analogy with ancient Babylonia as its leading motive, this Viewpoint argues that the credit crisis is the symptom of an underlying problem. Fuelled by government policies, unprecedented debt levels were run up in industrialized countries over the last quarter century. Present policies of financial sector bailouts are not only unwise use of taxpayer’s money. They maintain economic structures opposed to what Classical liberals such as JS Mill envisaged as a free market economy.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 15764.
Date of creation: 13 Jun 2009
Date of revision:
credit crisis; debt; Babylonia; Mill; Liberalism;
Find related papers by JEL classification:
- B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
- E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
- A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-07-03 (All new papers)
- NEP-BAN-2009-07-03 (Banking)
- NEP-HIS-2009-07-03 (Business, Economic & Financial History)
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