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Beyond Mechanical Markets by Michael D. Goldberg, Roman Frydman

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12

Restoring the Market-State Balance

IN MUCH-TALKED-ABOUT testimony before the U.S. Congress in October 2008, former Federal Reserve Chairman Alan Greenspan revealed his “shocked disbelief” that market participants' self-interest had failed so spectacularly in “protecting” society from the financial system's gross excesses, culminating in the worst crisis since the Great Depression.1 Greenspan went on to acknowledge that he had “found a flaw” in the ideology that unfettered financial markets would limit their own excesses.

Although the crisis that started in 2007 has vividly exposed the dangers inherent in relying on financial markets to self-regulate, policy reforms adopted around the world have largely excluded measures requiring the state ...

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