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Is global finance out of control?

Have global deregulation and the ascendancy of finance been good or bad for the world economy?

By Robert Wade   December 2007

YES: Robert Wade

NO: Anatole Kaletsy

Dear Anatole

26th October 2007

Newspaper accounts of the current financial turmoil have focused on its specific causes, beginning with its origins in the US market for sub-prime mortgages. But serious financial crises have occurred in parts of the rich world every three to four years over the past two decades; and in the “emerging market” periphery, 94 countries experienced at least one severe currency crash between 1990 and 2003. These frequencies are an order of magnitude higher than during 1945 to 1970. A “system” which permits this much instability is not…

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