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My friend and sometimes-co-author Adam Pritchard finds evidence of the unfortunate potency of populism. Here’s the abstract of one of Adam’s recent papers [2]:
This essay compares the current effort to reform financial services regulation with the regulatory initiatives that come out of the Great Depression. Unlike the 1930s, policymakers today must account for the impact of regulatory competition in crafting responses to the financial crisis. The available evidence suggests that jurisdictional competition is no match for the forces of populist retribution in modern democratic states.