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Quotation of the Day…

Posted By Don Boudreaux On July 3, 2013 @ 7:31 am In Politics,The Crisis | Comments Disabled

… is from page 174 of Harold James’s 2009 book, The Creation and Destruction of Value [1]:

When a systemic economic crisis erupts, there is a possibility that it will lead to the elimination of political institutions that lack legitimacy or cannot accommodate the new stresses and expectations.  But more often political institutions have a different pathology, and instead of fading away become maligned, dysfunctional, and aggressive.

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[1] The Creation and Destruction of Value: http://www.amazon.com/Creation-Destruction-Value-Globalization-Cycle/dp/0674035844/ref=sr_1_2?s=books&ie=UTF8&qid=1372851050&sr=1-2

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