When The Free Market Is Too Free

How fitting that this century's second quest for a free-market utopia should be swamped by the gales of global financial turbulence. Financial markets are both the epitome and the bane of the laissez-faire ideal. They are as frictionless as you please, and thus prone to speculative ruin. The more global they are, the less they are regulated, and hence the more vulnerable to self-inflicted calamity.

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