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The Libertarian and the Lobbyists

WASHINGTON, DC – In the three years since the global financial crisis erupted, two dominant views of what went wrong have emerged. It is crucial that we understand each, because their implications for policymakers – and thus for the future health and stability of the global economy – could not be greater.

The first view is that governments simply lost control of the situation, either through incompetence or because politicians were pursuing their own agendas. This is the view heard most frequently from the political right – for example, from people who think that the main problem in the run-up to the financial meltdown of 2008 was government housing policies.