From the Firm to Economic Integration
- New Thinking in Political Economy series
Chapter 13: From the financial crisis to the debt crises
The financial crisis that began in 2007–2008 has generally been considered as an illustration of the fact that capitalism is fundamentally unstable, which implies that only state interventionism could make it possible to get out of the crisis and to avoid new crises. Moreover, many people have quite often expressed the view that this crisis was a symptom of the immoral nature of capitalism, since greedy bankers have taken too many risks in order to maximize their profits. Although these ideas are widely held, they are radically wrong and one ought to draw a completely different lesson from the recent crisis. In fact, the crisis is a consequence of state interventionism and governments ought to be considered as the only guilty ones. As a consequence, it is obvious that it is not justified to impose more regulations on financial markets.
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