Economics

How Derivatives Brought On the Crash

The global financial crisis has restarted debates over economic policy and ideology that were once forgotten in the happy glow of globalisation. The era of Thatcher and Reagan is now said to have come to an abrupt end; and along with it, a resurgent Keynesianism has overturned the reigning free market philosophy of Friedrich von Hayek. The origins of the crash, like those of the Great Depression, will be debated endlessly. Was greed and unregulated capitalism the ultimate cause? Or was it the unavoidable impact of low long-term interest rates, fuelled by savings from China and the petrodollar states? One…

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