archy, here's an interesting paper I found this morning. I've not read the whole thing but much of it may support your perspective.
Has Financial Development Made the World Riskier? Raghuram G. Rajan http://www.kansascityfed.org/publicat/sympos/2005/pdf/rajan2005.pdf PS -- I'm not sure transparency would work to make the market safer or would rather simply ruin the marketplace. On Jul 14, 8:27 am, archytas <[email protected]> wrote: > Like the changes that have gone before, capitalism’s latest > transformation will alter the relationship between markets and > governments and between politics and economics. It is the ability to > adapt that secures capitalism’s survival. Version 4.0 will be as > different from the recent free-market fundamentalism as Reaganomics > was from the New Deal. Capitalism’s evolution over the past 200 years > is linked particularly to the changing role of government. The managed > economies of Capitalism 2.0 were based on a fundamental faith in > governments’ ability to solve economic problems. Version 3.0, after > the 1970s, romanticised markets and distrusted government. Within each > of these broad categories,there were mini-shifts, Capitalism 2.1, 2.2, > etc. > What I would like to see is much more openness, though there are clear > problems with this in terms of handing over manufacturing expertise > and capacity to potential loonies, and weapons technology to > terrorists. Deep inside what is going on are old habits, like trying > to force maximum production out of people who serve masters and so > on. There is no need for this now.
