This new vulnerability stands in stark contrast to the stability of the over-regulated post-World War II period. The crises in the US in the 1980’s (caused by the savings-and-loan institutions known as “thrifts”), and in Japan and Scandinavia in the 1990’s, showed that financial liberalization without proper regulation induces instability.
这就是为什么在20世纪70年代发达国家金融体系自由化（始于美国）之后频发严重危机的原因。新出现的脆弱性与二战之后过度监管时期的稳定性形成了鲜明对比。20世纪80年代在美国（由所谓的“储贷银行”引起）以及90年代在日本和斯堪的纳维亚地区爆发的危机表明，没有合适监管的金融自由化会导致不稳定。