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Crises have happened in a broad range of nations because when finance becomes unregulated it becomes vastly too large and too powerful and uses its power to corrupt or evade restraints on its power. This means that crony capitalism is a severe danger and will often occur.
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They even had an argument: deregulation had led them to make more money, and money was the mark of success. Q.E.D.
>Freefall: America, Free Markets, and the Sinking of the World Economy