Lots of good stuff here but I quibble with your conclusion: “Let me suggest to you that anytime someone claims otherwise—claims that the solution to the problems of liberalization is more liberalization—you should not take that argument seriously.”
Surely liberalization can be done incompletely and poorly, creating problems that are solve…
Lots of good stuff here but I quibble with your conclusion: “Let me suggest to you that anytime someone claims otherwise—claims that the solution to the problems of liberalization is more liberalization—you should not take that argument seriously.”
Surely liberalization can be done incompletely and poorly, creating problems that are solved by further liberalization. For example, Britain partially liberalized currency markets by cutting the Sterling Area down to just the UK, Crown Dependencies, and Gibraltar. This cured some but not all of the problems exchange control had caused. The further liberalization by ending them in 1979 fixed those.
Lots of good stuff here but I quibble with your conclusion: “Let me suggest to you that anytime someone claims otherwise—claims that the solution to the problems of liberalization is more liberalization—you should not take that argument seriously.”
Surely liberalization can be done incompletely and poorly, creating problems that are solved by further liberalization. For example, Britain partially liberalized currency markets by cutting the Sterling Area down to just the UK, Crown Dependencies, and Gibraltar. This cured some but not all of the problems exchange control had caused. The further liberalization by ending them in 1979 fixed those.
That's not a quibble. That conclusion just does not follow from the arguments at all.