The Proximate Causes of the Financial Crisis

The financial crisis has to be seen in the kind of larger historical context. The system was basically liberalized so that you know global currency another kind of financial markets were were essentially liberalized and this had a lot of different effects because it made it that much harder for people to finance these kinds of things. It's kind of an irony that the most successful form of capitalism was actually a very regulated kind of capitalism but in the 1960s late 1960 1970s this really came under on your stream.