London Reception: The Financial Crisis, A Market View
Arguing in favour of economic liberalization and limited government has lately become an uphill battle. Populists talk about 'redefining capitalism' and socialists around the world are excitedly dusting off their copies of Marx’s Kapital. Politicians and pundits insist that the origins of the 2008 crisis were in the lack of regulation. That has led to growing support for increased government interference. In both developed and developing countries the temptation to increase government control over the economy is driving them towards more nationalization and command-and-control regulation. In order to explain the policy causes of the financial crisis the Mercurius Society has launched a discussion entitled The Financial Crisis: a Market View.
Featuring presentations by
Tim Congdon
Founder of Lombard Street Research Ltd,
Former member of the Treasury Panel
of Independent Forecasters(the “Wise Men”)
William Niskanen (via teleconference)
former acting chairman of President Reagan's Council of Economic Advisers,
chairman emeritus and a distinguished senior economist at the Cato Institute
Andrei Illarionov (via teleconference)
Former economic advisor to President Vladimir Putin,
Senior Fellow at the Cato Institute
Featuring presentations by
Tim Congdon
Founder of Lombard Street Research Ltd,
Former member of the Treasury Panel
of Independent Forecasters(the “Wise Men”)
William Niskanen (via teleconference)
former acting chairman of President Reagan's Council of Economic Advisers,
chairman emeritus and a distinguished senior economist at the Cato Institute
Andrei Illarionov (via teleconference)
Former economic advisor to President Vladimir Putin,
Senior Fellow at the Cato Institute
In this time of economic turbulence there is a popular perception that there is a popular perception that the crisis was caused by the lack of regulation. Therefore politicians around the world are looking for solutions that rely on increased government interference. The immediate consequence of such an approach was the massive bailout of a significant share of the financial industry. In both developed and developing countries the temptation to increase government control over the economy may drive them towards even more nationalization. The longer-term consequences are hard to predict but there is already talk in Europe about 'redefining capitalism'. At such a time, arguing in favour of economic liberalization and limited government is an uphill battle. There are lessons to be learned. It is important to explain the policy causes of the financial crisis (such as monetary policy fuelled asset bubbles and the securitization of subprime mortgages by Government Sponsored Enterprises, Fannie Mae and Freddie Mac) and identify principles for a forward agenda based on sound market principles. With our speakers we will examine the financial crisis from three perspectives:
UK - Tim Congdon
US -William Niskanen
Russia - Andrei Illarionov