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Charles Calomiris: “There’s no way to get politics out of the banking system”

By Jonathan Derbyshire  

Charles Calomiris is the co-author, with Stephen H Haber, of a new book entitled “Fragile by Design: The Political Origins of Banking Crises and Scarce Credit”. It is an analysis of what Calomiris and Haber call the “systematic role of politics in the determination of banking systems’ performance”. Politics, in their view, matters when one is attempting to understand the causes of banking crises.

This is a book that wears its historicism on its sleeve—it contains accounts of systemic banking crises dating back to the 18th century which occurred…

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