Nearly everyone complains about capitalism’s defects, or market failures. In fact, those are social failures, not specifically market failures, which show up when many rational individual actions create a social situation that displeases everyone. This means that government dirigisme — state direction or displacement of the market — cannot be a remedy because who do you think staffs the government and how do they get there? A big difference between the two systems — market and state — is that while the market diminishes social defects, the government magnifies them.
When Dollars Become Weapons: How mBridge Became the Alternative to American Financial Power
The next time you wire money internationally, consider this: someone in Washington or Brussels can decide you don't get to complete that transaction. Not because you broke any law. Not because a court found you guilty of anything. But because a U.S. Treasury...