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.

Other Independent Review articles by Evan Osborne
    Spring 2012   China’s First Liberal
    Summer 2008   Commerce Is Beautiful