Month: February 2011

adam smith on freedom and markets

Adam Smith, the greatest icon of free market theorists, has as Amartya Sen observed “had much smallness thrust upon him.” Far from arguing that markets make people free, Smith knew full well how markets could be hijacked by powerful interests.…

targeting the “super spreaders”

The best way for us to approach financial reform is to understand financial markets and the financial system itself as a series of highly complex adaptive systems–a rich and diverse ecology. These ecologies are continually evolving. They are inhabited by…

whither financial globalization?

Yogi Berra advised that “when you come to a fork in the road, take it.” This is where globalization is going. The full significance of globalization sometimes still eludes us. It takes events, such as the sudden near economic collapse…