Magazine
Latest Issue

Letters

Postmodern spaghetti, the new Russia and a lesson in policing

By Prospect   October 2011

We wasted a good crisis

John Kay (September cover story) is disingenuous about the origins of the financial crisis. He notes the emergence of the derivatives market in the 1970s and deplores banking’s “trading culture.” Yet neither was greatly implicated in the problems of 2007-08. And he is wrong to characterise the advocates of free markets as indifferent to their cultural underpinnings. The founder of free market economics, Adam Smith, wrote one of his two major books, The Theory of Moral Sentiments, about little else.

Kay is also unreliable about risk, which banks do no more than shift around. No…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to letters@prospect-magazine.co.uk

More From Prospect