"Among the most astonishing statements to be made by any policymaker in recent years was Alan Greenspan's admission this autumn that the regime of deregulation he oversaw as chairman of the Federal Reserve was based on a “flaw”: he had overestimated the ability of a free market to self-correct and had missed the self-destructive power of deregulated mortgage lending. The “whole intellectual edifice,” he said, “collapsed in the summer of last year.”
(New York Times, 14 December) RD
The Glasgow & Edinburgh Branches Blog. Towards a better understanding of the world, in order to change it.
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Paternalism is a common attitude among well-meaning social reformers. Stemming from the root pater, or father, paternalism implies a patria...
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