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