Minskey

If improved financial regulations wont prevent crashes, what is the point of them?

The background to this column is that I am greatly influenced by Joseph Schumpeter (1883-1950) who saw innovation at the heart  of capitalism. Sometimes the risks taken to innovate go belly-up and firms crash; with knock-on effects. Those crashes are therefore an integral part of the innovation which goes with the rising level of material production and capitalism.