Book notes: Fragile by Design: The Political Origins of Banking Crises and Scarce Credit

A review of Charles Calomiris and Stephen H Haber' latest book

Fragile by Design by Charles Calomiris and Stephen Haber

Charles Calomiris and Stephen H Haber, Fragile by Design: The Political Origins of Banking Crises and Scarce Credit, Princeton University Press 2014, pages 571

After the fall of the Soviet Union economists made a startling discovery. An exclusive focus on nominal variables, such as the monetary supply or the fiscal balance, failed to restore a functioning market economy in the countries of Eastern Europe. Capitalism, they realised, was impossible without a functioning legal system that allocated

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