what should governments do? the global financial crisis as a market and government failure

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  • 8/9/2019 What Should Governments Do? The Global Financial Crisis as a Market and Government Failure

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    _{gr`isks ngb Bksrkaanrkeg ec Teako{ Kssyis8_{gr`isks ngb Bksrkaanrkeg ec Teako{ Kssyis8V`nr _`eyab Feizgligrs Be5V`nr _`eyab Feizgligrs Be5R`i Faejna Ckgngokna Ozksks ns n Lnzmir ngbR`i Faejna Ckgngokna Ozksks ns n Lnzmir ngbFeizgligr CnkayziFeizgligr CnkayziHyake O' Rii`ngmiiHyake O' Rii`ngmiiBi An _naai Ygkizskr{

    hyake'rii`ngmiiDbasy'iby't`

    Nskn,Tnoko _eokna _okigoi Zikiv;8> (:44;+! tt' 09,;4

    :44; Bi An _naai Ygkizskr{! T`kakttkgis

    _eli ec r`i oyzzigr gngokna kssyis ngb tzejails jisirrkgf r`i vezab ioegelkis ln{ ji rznoib

    re r`i zksi ec gieakjiznaksl kg r`i >;04s v`ko` oigrizib eg czii lnzmirs ngb czii rznbi vkr` r`i

    oegsi~yigr aiss feizgligr zifyanrkeg' Akjiznakxnrkeg aib re faejna tzestizkr{ ngb kggenrkeg ncriz

    rve bionbis jyr iprzili lnzmir cygbnligrnaksl nase oegrzkjyrib re r`i tzisigr gngokna ozksks' Ks

    r`i tzejail egi ec feizgngoi! ec lnzmir cnkayzi ez ec tietai5 Kr ks naa ec r`isi' Lnzmirs cnkaib re

    naaeonri ziseyzois kgre ng icokigr lnggiz= feizgligrs cnkaib re oyzj r`i ipoissis ec r`i lnzmirs'Teako{ ngna{sis ngb r`i tzisigrnrkeg ec r`i stinmizs kg r`i oegcizigoi ziina r`nr r`i tesskjai

    seayrkeg ks ger aklkrib re ioegelkos jyr s`eyab nase kgoaybi teakrkona nbhysrligrs kg rizls ec teako{

    tzegeygoiligrs' R`izi ks n giib re aeem kgre r`i i~ykr{ kssyis! istioknaa{ r`i sncir{ girs ec tietai

    v`e vkaa ji bkstanoib j{ r`i kaa icciors ec r`i gngokna ozksks' N jnangoi jirviig teakrkos! r`i

    iptizrs! r`i tan{izs! r`i lnzmirs ngb iiz{egi iasi ks ilt`nskxib'

    Mi{vezbs8 faejna gngokna ozksks! gieakjiznaksl! lnzmir cnkayzi! akjiznakxnrkeg! lnzmir

    cygbnligrnaksl! T`kakttkgi ioegel{

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    03 N_KN,TNOKCKO _EOKNA _OKIGOI ZISKIV

    ZK_I EC GIEAKJIZNAK_L

    Feizgligr ks ger r`i seayrkeg re eyz

    tzejail

    Feizgligr ks r`i tzejail'

    Zegnab Zinfng! >;04

    R`i tzioibkgf tzisigrnrkegs ngb bksoysskegs

    ong ji kivib czel r`i teakrkona tizstiorki'

    @igoi! r`i tzeoiibkgfs ec r`ks oegcizigoi ong ji

    cznlib nfnkgsr r`i feizgngoi,teako{ gipys' R`i

    jnsko ~yisrkeg ks8 Ncriz naa ec r`isi! v`nr s`eyab

    feizgligrs be5 V`nr be vi vngr r`il re be5

    Lesr ec r`i tntizs tzisigrib ngb r`i igsykgf

    bksoysskegs tekgrib re r`i feizgligrs anom ec

    zifyanrkeg ns r`i tzklnz{ oyatzkr kg r`i faejnagngokna ozksks' Kg binakgf vkr` teako{ zistegsis

    ez seayrkegs! r`izi ks n giib re lnmi nssissligrs

    czel jer` r`i tizstiorkis ec feizgligrs ngb

    lnzmirs'

    _eli ec r`i oegrilteznz{ kssyis zianrib

    re r`i ozksks ong ji rznoib re r`i nsoigskeg re

    teviz ec Y_ Tziskbigr Zegnab Zinfng' Kg `ks

    `ksrezko kgnyfyzna nbbziss kg >;04! `i kgbkonrib

    r`nr feizgligr ks ger r`i seayrkeg re r`i

    tzejail jyr r`i tzejail krsiac' R`ks srnzrib ecc

    r`i lnzmir zieayrkeg! fkkgf zksi re r`i nfi ec

    gieakjiznaksl! kg teakrkona sokigoi tnzangoi ez

    kg ioegelkos! akjiznakxnrkeg'

    Rve bionbis anriz! r`i lnzmir zieayrkeg

    kgkrknrib j{ gieakjiznaksl jzeyf`r njeyr faejna

    tzestizkr{ ngb kggenrkeg' V`nr ks jikgf `iab

    re rnsm kg r`i tzisigr gngokna ozksks ks r`i

    iprzili lnzmir cygbnligrnaksr t`kaeset`{ r`nr

    fykbib lesr feizgligrs nzeygb r`i vezab'

    R`i tiziggkna oegoizg8 Ks r`i tzejail egi ec

    feizgngoi! ec lnzmir cnkayzi ez ec tietai5 Krks naa ec r`isi' Re zikriznri v`nr Zinfng nsmib

    rve bionbis nfe! Ks feizgligr zinaa{ r`i

    tzejail5 Kc feizgligr ks r`i tzejail! ks kr

    r`i ega{ kgsrkryrkeg ontnjai ec nbbzisskgf kr5

    V`nr s`eyab feizgligrs be5 V`nr s`eyab

    okrkxigs be5 Czel r`i tizstiorki ec teako{

    ngna{sks vkr`kg r`i tyzkiv ec r`i faejna

    gngokna ozksks! v`ko` teako{ ks vksi5 V`nr

    reeas ong fykbi kg kbigrkc{kgf r`i icciors ec r`i

    teako{5 (Jep >+

    Jep >' Teako{ ^yisrkegs

    Jnsib eg teako{ ngna{sks! v`ko` teako{veyab ji oegskbizib ns vksi5 Fkig

    n tzetesib ez ng ipksrkgf teako{! v`nr

    reeas ec ngna{sks ong sizi ns fykbi kg

    kbigrkc{kgf ngb inaynrkgf r`i icciors ec

    r`i teako{5

    @ev ong iptizrs kltzei eg v`nr r`i

    feizgligr beis5

    V`nr teakokis ong iptizrs tzetesi r`nr

    vkaa kltzei r`i cygorkegkgf ec lnzmirs5

    IGB EC LNZMIR CYGBNLIGRNAK_L5

    Gieakjiznaksl! lnzmir cygbnligrnaksl ns n

    beorzkgi ks binb'

    _rkfakrx! :440

    Gejia Anyziri Hesit` _rkfakrx! `klsiac

    egoi n o`nltkeg ec lnzmir cygbnligrnaksl

    ks gev egi ec r`i `nzs`isr ozkrkos ec lnzmir

    cygbnligrnaksl'

    Kr ks ger r`i lnzmir! tiz si' Kr ks ger r`ilnzmir nttzeno` re biiaetligr r`nr ks jikgf

    `iab re rnsm! jyr znr`iz n tnzrkoyanz nttzeno`

    re r`i lnzmir v`ko` ks mgevg ns gieakjiznaksl

    ez cygbnligrnaksl' R`i faejna gngokna ozksks

    ks n cygorkeg ec jer` lnzmir ngb feizgngoi

    cnkayzis' N lnzmir cnkayzi ks ng eyroeli ec

    r`i lnzmir r`nr ks ger icokigr! skgoi lnzmirs

    ln{ cnka re naaeonri ziseyzois kg ng icokigr

    lnggiz' Kg r`i snli akf`r! r`i rigskeg jirviig

    lnzmirs ngb teakrkos ks eiz r`i eyroelis ec

    lnzmir tzeoissis zisyarkgf czel r`i bkccizigrknabksrzkjyrkeg ec teviz kg r`i rve nzigns' Kg

    nbbzisskgf r`i icciors ec r`i faejna gngokna

    ozksks kgoaybkgf v`{ kr `nttigib! r`i teakrkona

    bkligskeg ongger ji bkszifnzbib' Kr ks srkaa n

    ~yisrkeg ec teviz' R`i tesskjai seayrkeg re

    r`ks ozksks ks ger aklkrib ega{ re ng ioegelko

    nttzeno` jyr nase re n teakrkona nbhysrligr kg

    rizls ec teako{ tzegeygoiligrs' (Jep :+

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    RII@NGMII! HYAKE O' 06_[GR@I_K_ NGB BK_RKAANRKEG EC TEAKO[ K__YI_8V@NR _@EYAB FESIZGLIGR_ BE5

    Jep :'

    Lnzmir Cnkayzi! Feizgligr Cnkayzi

    N lnzmir cnkayzi ks ng eyroeli ec r`i

    lnzmir r`nr ks ger icokigr' Lnzmirs ln{

    cnka re naaeonri ziseyzois kg ng ic

    okigrlnggiz=

    R`i rigskeg jirviig lnzmirs ngb

    teakrkos ks eiz r`i eyroelis ec lnzmir

    tzeoissis ngb ks r`i zisyar ec r`i bkccizigr

    bksrzkjyrkegs ec teviz kg r`i rve nzigns=

    Feizgligr cnkayzi eooyzs v`ig kr cnkas re

    oyzj ipoissis ec lnzmir ez re icciorkia{

    lngnfi i~ykr{ teakokis'

    N feizgligr r`nr anoms ozibkjkakr{ ongger

    nbbziss r`ks tzejail' R`i Y_ ks cezrygnri kg r`nr

    nr r`i zkf`r leligr! r`i teakrkona lio`ngksl

    ks sir re zitanoi teakrkona ainbizs ngb bizki

    igeyf` teakrkona aifkrklno{' R`i nblkgksrznrkeg

    kg Vns`kgfreg `ns igeyf` teakrkona ontkrna re

    nbbziss r`i faejna gngokna ozksks ngb rnmi r`i

    faejna ainb re nbbziss r`i tzejail' Kr `ns jiig

    gerib kg lesr ec r`i tzisigrnrkegs r`nr r`i kssyi

    ks ger sklta{ n ~yisrkeg ec teakrkos! n ~yisrkeg eclnzmirs! ez n ~yisrkeg ec tietai! jyr naa ec r`isi'

    Czel r`i tizstiorki ec r`ks rzkteb! n jnangoi ks

    giibib' (Jep ?+ Kg nbbzisskgf r`i gngokna ozksks!

    r`i bijnri ong ji jirviig teakrkokngs ngb iptizrs

    kg rizls ec `ev re zicezl r`i kgsrkryrkegs! r`i

    zyais ec r`i fnli! ec `ev re oegrkgyi tzelerkgf

    lnzmir icokigo{ ngb kggenrkeg ngb nr r`i snli

    rkli tzekbi r`i tzybigrkna zifyanrez{ teakokis'

    R`izi ks n giib re aeem kgre r`i i~ykr{ kssyis!

    istioknaa{ r`i sncir{ girs ec tietai v`e vkaa ji

    bkstanoib j{ r`i kaa icciors ec r`i ozksks' N jnangoijirviig teakrkos! r`i iptizrs! r`i tan{izs! r`i

    lnzmirs ngb iiz{egi iasi ks ilt`nskxib'

    TeakrkosTeakrkos

    IptizrsIptizrs

    Teakrkokngs s' I ptizrs8

    K gsrkryrkegna Z icezl

    Teakokis

    Lnzmirs s' Iptizrs8

    I cck okigo{ Teakokis

    Lnzmirs s' Teakrkos8 I~ykr{ Teakokis

    LnzmirsLnzmirs

    Jep ?'

    R`zii Lnkg Teako{ Oegkor Norezs

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    00 N_KN,TNOKCKO _EOKNA _OKIGOI ZISKIV

    R`i giib re tetyanzkxi ngb skltakc{ r`i kssyis

    ks nase srzissib' Kg r`i Y_! r`i Zityjakongs `ni

    rnmig n aer ecnom cez r`i gngokna ozksks' Jyr

    r`i Bileoznrs nzi i~ynaa{ re janli skgoi r`i{

    tys`ib cez r`i Lebizgkxnrkeg Nor re tzekbi

    o`int `eyskgf cez tietai v`esi kgoelisvizi ger sycokigr re tn{ cez lezrfnfis' R`i{

    syooiibib kg tzekbkgf `eyskgf nr r`i iptigsi ec

    gngokna sioyzkr{' Teakrkos srkaa lnrrizs'

    V@NR @NSI VI AINZGIB CZEL R@I

    TZI_IGRNRKEG_5

    Jep 2'

    Kltakonrkegs ec r`i Faejna Ckgngokna Ozkskseg r`i T`kakttkgi Ioegel{

    Ngrioibigrs

    Faejna Ipefigeys

    Belisrko

    Zifyanrez{ Cnorezs

    Kltnor

    Anjez ngb Iltae{ligr

    Zifkegna Ioegelko Kgrifznrkeg

    T`kakttkgi Ckgngokna Lnzmirs

    R`i mi{geri stiio` ec Jngfme _igrzna

    gf Tkaktkgns (J_T+ Feizgez Nlngbe Rirngfoe!

    Hz' ngna{xib r`i zeers ec r`i faejna gngokna

    ozksks v`ko` vns nrrzkjyrib lnkga{ re r`i anom

    ec zifyanrkeg' @i oegskbizib kr ns n janom

    svng iigrlingkgf! selir`kgf r`nr ks `kf`a{

    kltzejnjai' Kg r`i T`kakttkgis! r`i zistegsi kssirrkgf jyccizs' (Jep 9+ @i oegoaybib r`nr! V`kai

    r`izi ks n onaa cez fzinriz zifyanrkeg! K veyab

    onyrkeg nfnkgsr fekgf revnzbs r`nr bkziorkeg'

    V`nr ks giibib ks fzinriz nooeygrnjkakr{! ger

    fzinriz zifyanrkeg'

    Jep 9' J_T Teako{ Zistegsi!

    Feizgez Rirngfoes Skiv

    Faejna gngokna ozksks byi re anom ec

    zifyanrkeg=

    Janom _vng anzfi! `nzb re tzibkor

    iigr=

    Zistegsi ec er`iz oeygrzkis teako{

    lkp=

    T`kakttkgi zistegsi jyccizs8

    Belisrko bilngbs ns lnhez fzevr`

    bzkizs=

    Kgnrkeg bioiaiznrkeg=

    _tigbkgf rklia{! rnzfirib!

    rzngstnzigr ngb rilteznz{=

    _rnjkakxi jngmkgf s{sril aeviptesyzi ngb oezteznri feizgngoi

    Fzinriz nooeygrnjkakr{ ger fzinriz

    zifyanrkeg'

    Bz' Rizise Ryaane! Hz' aeemib nr r`i faejna

    ioegelko kljnangois! tnzrkoyanza{ rznbi

    kljnangois! ngb rznoib r`i ozksks re r`i cygbs

    oelkgf czel ilizfkgf ioegelkis! akmi O`kgn!

    v`ko` evib kgre r`i Y_ gngokna lnzmir'

    R`ks zisyarib kg `yfi nzknrkegs kg r`i jnangoi

    ec tn{ligr (JET+ ec oeygrzkis' R`izi ks n giib

    re gnzzev r`il re lkrkfnri r`i eooyzzigoi ngb

    icciors ec r`i ozksks' (Jep 3+

    Jep 3' Faejna Ioegelko Kljnangois

    Ozksks srnzrib v`ig cygbs czel ilizfkgf

    ioegelkis akmi O`kgn evib kgre r`i Y_

    gngokna lnzmir= Ckgngokna ozksis rigb re ji onysib j{ n

    `yfi kljnangoi kg r`i JET ec oeygrzkis=

    R`izi ks n giib re gnzzev `yfi faejna

    gngokna kljnangois re lkrkfnri r`i

    eooyzzigoi ec ozksks'

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    RII@NGMII! HYAKE O' 0;_[GR@I_K_ NGB BK_RKAANRKEG EC TEAKO[ K__YI_8V@NR _@EYAB FESIZGLIGR_ BE5

    Tzecissez Ln' _eoezze Feo`eoe,Jnyrksrn

    tzekbib iltkzkona ikbigoi re r`i tzeteskrkeg

    r`nr r`i vezsr tesskjai seyzoi ec ozksks ks r`i

    oeaantsi ec nssir tzkoi jeel' _`i okrib @egf

    Megf! Lnan{skn! ngb _kgfntezi ns ipnltais ec

    r`esi v`ko` syzkib r`i zina isrnri cnaaeyr tzkezre r`i Nskng gngokna ozksks' _`i ligrkegib r`i

    onsi ec Hntng v`izi r`i jyzsr ec r`i tzetizr{

    jyjjai aib re n bionbi ec zioisskeg' @iz

    tzisigrnrkeg! v`ko` vns iz{ zko` kg iltkzkona

    bnrn! oegoaybib vkr` r`i zioelligbnrkeg re

    jykab jirriz kgsrkryrkegna srzyoryzis re vkr`srngb

    anzfi s`eoms ns tnzr ec r`i oegrkgykgf nfigbn ec

    legirnz{ teako{lnmizs ngb jngm zifyanrezs kg

    r`i Nskng zifkeg' (Jep 6+

    Jep 6'Nssir Jeels ngb Lnozeioegelko Eyroelis

    Tzekbis iltkzkona ikbigoi cez r i

    tzeteskrkeg r`nr nssir tzkoi jeel lnrrizs

    skgoi kr rigbs re jzkgf njeyr r`i vezsr

    lnozeioegelko eyroeli=

    Okris onsis ec @egf Megf! Lnan{skn! ngb

    _kgfntezi ns ipnltais ec r`esi v`ko`

    syzkib zina isrnri cnaaeyr tzkez re Nskng

    gngokna ozksks=

    Okris r`i Hntng onsi jyzsr ec tzetizr{

    jyjjai aib re n bionbi ec zioisskeg=

    Zioelligbs jykabkgf jirriz kgsrkryrkegna

    srzyoryzis re ji njai re vkr`srngb anzfi

    s`eoms ns tnzr ec r`i oegrkgykgf nfigbn

    ec legirnz{ teako{lnmizs ngb jngm

    zifyanrezs kg r`i Nskng zifkeg'

    J_T Bityr{ Feizgez Gisrez Istigkaan!

    Hz' ceoysib eg r`i zifyanrez{ cnorezs' @i geribr`nr v`kai r`i ozksks ong ji rznoib re zifyanrez{

    vinmgissis! gngokna zifyanrkeg ong nase

    zikgcezoi r`isi vinmgissis' R`ks ks byi re r`i

    cnor r`nr gngokna zifyanrkeg ks ger ng ins{

    rnsm! r`izi ks n giib re srzkmi n jnangoi jirviig

    naaevkgf kggenrkeg kg r`i lnzmir re eyzks` ngb

    nr r`i snli rkli! rnmkgf n srngoi ec zinsegnjai

    o{gkoksl kg r`i cnoi ecgngokna kggenrkegs' Kr

    ks n rzkom{ hej! zifyanrkeg kssyis lesr ec r`i rkli!

    nzi teakrkona kg gnryzi' (Jep 0+

    Jep 0' Zifyanrez{ Cnorezs

    Zifyanrez{ vinmgissis JYR gngoknazifyanrkeg nase zikgcezoib vinmgissis=

    Ckgngokna zifyanrkeg ks ger ng ins{ rnsm=

    Zifyanrkeg ns re srzkmi n jnangoi jirviig

    naaevkgf kggenrkeg ngb n srnjai gngokna

    s{sril=

    Zinsegnjai o{gkoksl kg r`i cnoi ec

    gngokna kggenrkeg'

    Bitnzrligr ec Anjez ngb Iltae{ligr

    Nssksrngr _iozirnz{ Ln' Rizisn _ezknge fni n

    skrynrkegiz eg r`i icciors r`nr nzi oyzzigra{ jikgf

    ciar belisrkonaa{ ns zls nzi oaeskgf s`et' _`i

    gerib r`nr kg r`i tnsr! r`izi `nb jiig ree lyo`

    ilt`nsks eg fzevr` v`ko` aib re jknsis revnzbs

    rznbi ngb akjiznakxnrkeg r`nr nooeygrib cez r`ks

    tzibkonligr' _`i nssyzib! `eviiz! r`nr r`i

    feizgligr ks bekgf krs hej r`zeyf` lyarkanrizna

    tzefznls re tzekbi sncir{ girs belisrkonaa{ ngb

    re njsezj ziryzgkgf eizsins Ckaktkge vezmizs

    (ECVs+' (Jep ;+

    Jep ;' Anjez ngb Iltae{ligr

    Icciors nzi jikgf ciar belisrkonaa{ ns

    zls oaesi s`et=

    Ree lyo` ilt`nsks eg fzevr` aib re

    jknsis revnzbs rznbi ngb akjiznakxnrkeg=

    Feizgligr Lyarkanrizna Norkeg Tzefznl

    vkaa tzekbi sncir{ girs belisrkonaa{ ngb

    cez ziryzgkgf ECVs'

    Nskng Biiaetligr Jngm sigkez ioegelksr

    Bz' O{g,[eygf Tnzm kgbkonrib r`nr Nskng

    oeygrzkis ni jiig se kgrifznrib r`nr r`i zifkegna

    tzebyorkeg girvezm kg Nskn sizis r`i iprizgna

    bilngb! tnzrkoyanza{ r`i Y_ lnzmir' Ong O`kgn

    sni r`i zifkeg5 O`kgn vkaa ji ncciorib jionysi

    kr `ns jioeli r`i `yj cez kgrzn,Nskng rznbi' Nskn

    ks srkaa yagiznjai re r`i ozksks' (Jep >4+

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    ;4 N_KN,TNOKCKO _EOKNA _OKIGOI ZISKIV

    Jep >4' Zifkegna Kgrifznrkeg! r`i NBJ Skiv

    Ong Nskn bioeytai5

    Vkaa zifkegna rkis s`kiab Nskng ioegelkis5

    Vkaa O`kgn sni Nskn5 Zifkegna tzebyorkeg girvezm sizis

    iprizgna bilngb Y_ lnzmir=

    O`kgn `yj cez kgrzn,Nskng rznbi=

    Nskn srkaa o{oakonaa{ yagiznjai'

    Ansra{! Kgsrkryri ec Oezteznri Bkziorezs

    Ceygbkgf Ciaaev Bz' Oisnz _nabnns tzisigrnrkeg

    eg r`i kltnor eg gngokna lnzmirs vns iz{

    kgrizisrkgf jionysi kr fni ng kgskbizs kiv

    ec r`i b{gnlkos ec r`i ozksks' R`i ozksks vns nzisyar ec zksm{ lezrfnfi aigbkgf tznorkois r`nr

    jzino`ib tzybigr srngbnzbs ec zksm lngnfiligr'

    Kg s`ezr! lezna `nxnzb ngb sioyzkrkxnrkeg vns r`i

    kg r`kgf r`isi tnsr i {inzs' (Jep >>+

    Jep >>' Kltnor eg Ckgngokna Lnzmirs

    Aissegs fnkgib8 Zksm{ lezrfnfi aigbkgf tznorkois

    jzino`ib tzybigr srngbnzbs ec zksm

    lngnfiligr8

    Tzibnrez{ aigbkgf! ziakngoi eg

    rnmi eyrs ngb fynzngriis=

    Aiiznfib lezrfnfi rizls

    ins{! r`ig egizeys'

    _ioyzkrkxnrkeg nltakib r`i zksm8

    @ev sioyzkrkxnrkeg ks syttesib

    re vezm8 r`i Skzryeys O{oai=

    @ev sioyzkrkxnrkeg ks ger

    syttesib re vezm8 r`i SkokeysO{oai=

    Vkggizs ngb aesizs'

    V`izi be vi fe czel `izi5 R`i syffisrib

    gipr srits nzi8

    >' Oegrkgyi bknaefyi nlegf srnri! iptizrs!

    ngb lnzmir tan{izs=

    :' Nfzii eg s`ezr, ngb aegf,rizl teako{ zi,stegsi=

    ?' Jnangoi tzybigr zifyanrkeg ngb lnzmir

    kggenrkeg=

    2' Oellygkonri tzejails re r`i tyjako kg

    ng ygbizsrngbnjai lnggiz= ngb

    9' Isrnjaks` sncir{ girs cez r`esi ncciorib

    j{ r`i ozksks'