The world financial System: The Long Run - by Roger Scruton
The "credit crunch" has raised the question of whether it could have been prevented by a better use of our rational powers, or whether on the contrary it hasn't been just a long-term consequence of the normal forms of rational risk-taking. The tendency to blame Wall Street, the bankers, the hedge fund managers, and all the others who rewarded themselves with such hefty bonuses as their businesses sank is understandable. But does it reflect any real understanding of the problem, and did those people do anything that you or I would not have done, had we been in their shoes?
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