Systemic rationality and the effects of financial regulation: Rejoinder to Kindleberger

Critical Review 8 (4):615-621 (1994)
Abstract
In his Reply, Kindleberger falsely ascribes to me the views that political actors are utterly incompetent, while market actors are completely rational; and that political processes are pure chaos, while market processes are perfectly efficient. My point was that the relatively better performance of the market is a result of systemic factors, not the rationality of individuals. Kindleberger fails to address the historical evidence indicating the comparatively poor performance of government intervention in the monetary order. ?Market manias? are, in fact, largely the product of ill?conceived government regulations.
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