Myth making at its finest. From a book review of “How Markets Fail” by John Cassidy:
ALAN Greenspan has a dangerous weakness for Adam Smith – he believes firmly that untrammelled capitalism provides a uniquely productive method of organising markets.
Paying homage to Smith’s Theory of Invisible Hand, Greenspan wrote, shortly before the explosion of subprime crisis, “People must be free to act in their self-interest, unencumbered by external shocks or economic policy ... Yet, even in crises, economies seem inevitably to right themselves.”
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