In defense of free capital markets

"This book analyses the economic conditions that produced a number of recent financial crises. It also investigates the responses made to each crisis, to uncover whether government policies directed at these episodes of turmoil made matters better or worse.".

"Before constructing new regulations, economists should carefully examine the results of past policy. Many fixed-exchange-rate regimes have failed in their intended purpose of maintaining stability in the currency markets. Those attempts at control, instead, have caused violent macroeconomic fluctuations and have had far-reaching, often destructive, effects - ironically, just the opposite of what their creators intended.

The future economic well-being of both developed and developing nations depends upon an honest look at the irrefutable lessons of these recent financial disasters - before they are repeated."--BOOK JACKET.