This is not a credit crisis

Dirk Bezemer ()

MPRA Paper from University Library of Munich, Germany

Abstract: Using an analogy with ancient Babylonia as its leading motive, this Viewpoint argues that the credit crisis is the symptom of an underlying problem. Fuelled by government policies, unprecedented debt levels were run up in industrialized countries over the last quarter century. Present policies of financial sector bailouts are not only unwise use of taxpayer’s money. They maintain economic structures opposed to what Classical liberals such as JS Mill envisaged as a free market economy.

Keywords: credit crisis; debt; Babylonia; Mill; Liberalism (search for similar items in EconPapers)
JEL-codes: A11 B12 E44 E51 G28 (search for similar items in EconPapers)
Date: 2009-06-13
New Economics Papers: this item is included in nep-ban and nep-his
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:15764

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