FRANKFURT – A systematic and broad failure of regulation is the elephant in the room when it comes to reforming today’s Western capitalism. Yes, much has been said about the unhealthy political-regulatory-financial dynamic that led to the global economy’s heart attack in 2008 (initiating what Carmen Reinhart and I call “The Second Great Contraction”).
法兰克福——说到改革今天的西方资本主义制度，人们一直对监管体系全面性及系统性的失灵故意视而不见。的确，导致2008年全球经济心脏病发作的病态政治－监管－金融体制已经引发了众多讨论，上述机制正是引发卡门·莱因哈特和我所谓的“第二次大收缩”的首要因素。需要讨论的是，这个问题仅限于金融行业，还是代表了西方资本主义制度更深层次的缺陷？