Foreign Affairs Article

PrintPrint EmailEmail ShareShare CiteCite


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


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.

Request permission to republish or photocopy this Foreign Affairs article

Read full article at

More on This Topic


Profile: Abu Musab al-Zarqawi

Author: Lee Hudson Teslik

A profile of the terrorist Abu Musab al-Zarqawi, the man responsible for coordinating suicide bombings in Amman and Madrid, multiple attacks...