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Volume 53, May/June 2018, Number 3 · pp. 110-111


Out With the Old, In With the New

Thomas Fricke

Nearly ten years have passed since the eruption of one of the most dramatic economic and financial crises in decades, with the collapse of Lehman Brothers in September 2008 as one of its most defining moments. This crisis, which fueled fundamental systemic doubts for weeks, not only called into question the ability of banks to function efficiently and the benefits of financial globalisation; it also became a catalytic moment leading to the demise of a model profoundly based on a belief in market efficiency that for at least three decades guided economic policies in many countries, as well as in major institutions like the International Monetary Fund, the OECD and the European Commission.


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