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Free Lunch: Easily Digestible Economics by David Smith

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14A nasty bout of indigestion

Economies are prone to periodic, often hugely damaging crises. Normally that sentence is preceded by the word ‘capitalist’ as a nod to Karl Marx, though all economies, whether capitalist or not, are prone to crises. Moreover, many non-Marxist economists have sought to explain why such crises occur. The biggest of them all, in terms of crises most of us have experienced, began in 2007. Generally, people were not expecting it, just as you do not expect an adverse reaction after dining in a fine restaurant. Perhaps the title of this chapter understates how bad it was and more serious medical analogies might have been more appropriate. Certainly in the autumn of 2008, the global banking system had something more akin ...

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