That seems to be a choice that has to be made by each succeeding generation, depending on the business cycle and/or the severity of downturns.

In the current recessionary period the situation is so bad it’s become a crisis in both the financial markets and the real economy. Already many governments are having to nationalize part or all of their banking system. Financial services never seemed so brittle.

Is that really the case though? In a carefully-argued article, The world needs Up-To-A-Pointism, John Evans suggests that by staying within the boundaries where governments and free markets work best, the world would be a much more stable place to live and do business.

Although mostly mutually-exclusive, the interface between regulation and free markets could be made to operate more efficiently, to the benefit of both.