Change/2

Economic theory has long explained why unfettered markets were not self-correcting, why regulation was needed, why there was an important role for government to play in the economy. But many, especially people working in the financial markets, pushed a type of “market fundamentalism“. The misguided policies that resulted – pushed by, among others, some members of President-elect Barack Obama’s economic team – had earlier inflicted enormous costs on developing countries. The moment of enlightenment came only when those policies also began inflicting costs on the US and other advanced industrial countries.

(Joseph E. Stiglitz, dal Guardian del 5 dicembre 2008, grassetto mio)