Author: lawrence baxter

barking dogs, deaf ears

In a great frenzy of real estate development, fueled by irresponsible bank lending, Ireland virtually blew up its entire economy. After looking like an example of the miracle of the “new economy,” Ireland now stands forlorn among the most devastated…

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…

size, subsidiarization and stability

Once again very senior figures are proposing that the scale and structure of very large financial institutions be reconsidered. Nearly every major regulatory leader has raised the question, as have many economists across the political spectrum and in both the…