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Why Banking Systems Succeed--and Fail

The Politics Behind Financial Institutions

Authors: Charles W. Calomiris, Henry Kaufman Professor of Economic Institutions, Columbia University Graduate School of Business, and Stephen H. Haber
November/December 2013
Foreign Affairs

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People routinely blame politics for outcomes they don't like, often with good reason: when the dolt in the cubicle down the hall gets a promotion because he plays golf with the boss, when a powerful senator delivers pork-barrel spending to his home state, when a well-connected entrepreneur obtains millions of dollars in government subsidies to build factories that will probably never become competitive enterprises.

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