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Capitalist Fools

Nobel economics prize-winner Joseph E Stiglitz writing in Vanity Fair reflects on what has caused the present GEC [global economic crisis] and to consider the causes of it so as to avoid the same thing happening again:

"There will come a moment when the most urgent threats posed by the credit crisis have eased and the larger task before us will be to chart a direction for the economic steps ahead. This will be a dangerous moment. Behind the debates over future policy is a debate over history—a debate over the causes of our current situation. The battle for the past will determine the battle for the present. So it’s crucial to get the history straight.

What were the critical decisions that led to the crisis? Mistakes were made at every fork in the road—we had what engineers call a “system failure,” when not a single decision but a cascade of decisions produce a tragic result. Let’s look at five key moments.......

Read those "five key moments" here.

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