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Bobby Ghosh

Finance Is Going Back to the Age of Mercantilism

Regulators will take their cues from governments that prize the promotion of national champions above the protection of a liberal global system.

Behold, the Swiss champion!

Behold, the Swiss champion!

Photographer: Angus Mordant/Bloomberg

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Since the history of financial regulation is a history of crisis management, it is inevitable the current chaos in the financial sector will bring forth new rules designed to prevent a repeat. Already, there is a debate on whether there is a better way to govern banks. On one side are those who think depositors should be protected even more fully; on the other are those who say bailing banks out leads to moral hazard.