How to put capitalism back on its feet? By looking to the past, say Kevin Dowd and Martin Hutchinson in ‘Alchemists of Loss: How modern finance and government intervention crashed the financial system’ (www.wiley.com). Past, meaning not the twentieth century, but the eighteenth and nineteenth centuries, the authors add. For, a good starting point, in their view, is to reconsider the demerits of the joint-stock form and the merits of the old partnerships in the financial sector, and think seriously about restricting or even repealing the limited liability statutes.
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