Quotation of the Day…

by Don Boudreaux on July 3, 2013

in Politics, The Crisis

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

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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