The financial crashes of the 1990s have been blamed on financial liberalization, political crises, and changes in U.S. interest rates and the value of the dollar. In reality these crashes, unlike previous ones, were rooted in a clash between a global investment community that favored private property and free markets, and governments that did not.

Evan Osborne is a professor of economics at Wright State University.
Banking and FinanceBusiness and EntrepreneurshipEconomic PolicyEconomyFree Market Economics
Other Independent Review articles by Evan Osborne
Spring 2012 China’s First Liberal
Summer 2008 Commerce Is Beautiful