الأسلحة النارية والعقاقير وأسواق المال

كمبريدج ـ أثبتت أزمة الرهن العقاري الثانوي من جديد مدى صعوبة ترويض المال، الصناعة التي تمثل طوق النجاة بالنسبة للاقتصاد الحديث والخطر الأعظم الذي يتهدده في نفس الوقت. ورغم أن هذه الحقيقة لا تشكل نبأً جديداً بالنسبة للأسواق الناشئة التي شهدت العديد من الأزمات المالية أثناء ربع القرن الماضي، إلا أن نصف قرن من الاستقرار المالي أغرى الدول المتقدمة اقتصادياً بالشعور بالرضا عن الذات.

عكس هذا الاستقرار نوعاً من المقايضة البسيطة: التنظيم في مقابل حرية العمل. فقد أخضعت الحكومات البنوك التجارية للتنظيم المتعقل في مقابل تزويدها بالتأمين العام على الودائع والقيام بوظيفة الإقراض كملاذ أخير. كما خضعت أسواق السندات المالية لمتطلبات المكاشفة والشفافية.

إلا أن إلغاء التنظيمات والضوابط المالية أثناء فترة التسعينيات كان السبب أيضاً في توجيهنا نحو مناطق غير مأهولة. فقد وعدت عملية إلغاء التنظيمات بتفريخ الإبداعات المالية القادرة على تعزيز القدرة على الوصول إلى الائتمان، وإيجاد قدر أعظم من التنوع في حافظات الاستثمار، وتوزيع عامل المجازفة على أولئك الأكثر قدرة على تحملها. وزعم أنصار التحرير المالي أن الإشراف والتنظيم يشكلان عائقاً وأن الحكومات غير قادرة على ملاحقة التغيير.

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