Jay Mandle is the W. Bradford Wiley Professor of Economics at Colgate University. His latest book, Democracy, America, and the Age of Globalization, published by Cambridge University Press (December 2007) explores the rapid growth of income inequality, the dominant role of corporate wealth in elections, and the need for the public financing of campaigns.
Articles by this author
Sunday, February 22, 2009
The Politics of Bank Nationalization
As a response to the financial crisis, the Bush Administration's Troubled Asset Recovery Program (TARP) was woefully inadequate. But its implementation brought to a close a nearly thirty year period during which market deregulation was the touchstone of economic policy. Now, market fundamentalism is dead. As a result of the economic free-fall we are experiencing, the question being asked is whether the government's involvement in the economy is adequately focused or large enough, not whether it should be undertaken at all. Governmental intervention is the new flavor of the month.