United States and global financial crisis
United States and global financial crisis

Summary/Abstract: When men quarrel for no apparent reason, Frenchmen are saying “Cherchez la femme!”, or: “Search for a women!”, who is an object of that subterranean rivalry. My suggestion is that when you see aberrations in the performance of the economy on a grand scale: “Cherchez l’Etat!”, or: “Search for a state!”. Business cycles, accelerations and decelerations, expansions and recessions, even exuberant, irrational optimism in expansions and no less irrational pessimism in recessions – all are a n o r m in a capitalist market economy. However, a b e r r a t i o n s are another matter. Nine times out of ten they are the end result of state intrusions into the functioning of the economy. The present US and – by transmission – global financial crisis is not different as far as its causes are concerned. And, as an aside only, because I have no space to devote to this issue, so was an Asian financial crisis that took place roughly a decade earlier than the present crisis [see, i.a., Winiecki, 1999].

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