Were the U.S. government officials shortsighted, or was it, in fact, ideological, that we wanted no controls?
In reality, in the United States, even after deregulation … Americans live in the web of laws and regulations. This is a society which proclaims its freedoms, but which has, in fact, very strong regulations in all [arenas]–environmental regulations, occupational safety regulations, anti-discrimination regulations, architectural regulations, building codes, and so on. They are extraordinarily restrictive of life because they are obeyed. When the United States embarked on this crusade … They were driven ideologically by this notion that it’s a magical market, market worship, and so on. They just did not ever say anything about the other part, namely, the system of counterweights, legal and regulatory counterweights, which remain very strong in the United States, even though the industries have been deregulated. Why were the lessons of the Mexico crash not learned? … … Why weren’t the lessons of Mexico learned? How come we had [a] big crisis, financial crisis, in Asia in 1997, wh
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