The Rise of Margaret Thatcher

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We can't just throw away our institutions in and constitutions, says Sp. But what we can do is learn. And democracies do actually learn, even very populous democracies. The rise of margaret thatcher was about the fact that the medium voter in that populous country was sick of it. It's all too easy for politicians to give you the flim lamp - but let's be optimistic.

Charles Calomiris of Columbia University and Stephen Haber of Stanford University, co-authors of Fragile by Design: The Political Origins of Banking Crises and Scarce Credit, talk with EconTalk host Russ Roberts about their book. The conversation focuses on how politics and economics interact to give some countries such as Canada a remarkably stable financial system while others such as the United States have a much less stable system. The two authors discuss the political forces that explain the persistence of seemingly bad financial regulation. The conversation includes a discussion of the financial crisis of 2008.