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In
this article, the author outlines the
reasons for the current financial crisis,
juxtaposing them to earlier such crises.
He then argues that it is the removal
of the Glass-Steagall system in 1999 that
lies at the base of the current crisis.
The author also suggests a range of policy
prescriptions for regulating the financial
sector to avert such calamities in the
future.
This article
was printed in the Boston Review January/February
2009 issue.
January 28, 2009.
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