The Irish Banking Crisis: A Parable
Harvard Business Review
NOVEMBER 29, 2010
Heres what orthodox economics would have predicted for a country without banks: A collapse in the money supply, a credit crunch, a trade implosion, mass unemployment, an atomized GDP, and the gears of industry and commerce grinding to a crashing halt. You might say that a radically decentralized, p2p financial system spontaneously arose.
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