From former Spanish PM José María Aznar López on whether the current economic crisis signifies a failure of the free market.
It is certainly not a failure of the free market, but a failure of the current mechanism of state regulation and intervention in a sector which is already highly regulated, the banking system. It is the same with politics - democracy is not discredited merely because a bad government has been elected.Spot on.
Hat Tip: Croydonian
2 comments:
tell that to the bint Caroline Flint, who was going on about how the market had "failed" last night on Question Time
I'd also add that arguments about "too much" or "too little" regulation are absurd - the question is surely whether appropriate regulation exists.
Post a Comment