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The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means by George Soros

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CHAPTER 3
The Theory of Reflexivity
Some readers may find this chapter hard going. Those who are only interested in the financial markets may skip it or return to it after they have found my interpretation of the current situation convincing. From the author’s perspective it remains indispensable—more important than the correct interpretation of the financial crisis.

FALLIBILITY

Having established the significance of my conceptual framework I can now dwell on some of the complexities I swept under the carpet in my summary presentation. I labored on my philosophy over many years. I shall now briefly recount the difficulties I encountered and summarize the conclusions I reached.
I did not make the relationship between fallibility and reflexivity ...

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