KEEF
07-03-2013, 06:04 AM
Quotation of the Day…by DON BOUDREAUX on JULY 3, 2013
in POLITICS (http://cafehayek.com/category/politics), THE CRISIS (http://cafehayek.com/category/the-crisis)
… is from page 174 of Harold James’s 2009 book, The Creation and Destruction of Value (http://www.amazon.com/Creation-Destruction-Value-Globalization-Cycle/dp/0674035844/ref=sr_1_2?s=books&ie=UTF8&qid=1372851050&sr=1-2):
When a systemic economic crisis erupts, there is a possibility that it will lead to the elimination of political institutions that lack legitimacy or cannot accommodate the new stresses and expectations. But more often political institutions have a different pathology, and instead of fading away become maligned, dysfunctional, and aggressive.
in POLITICS (http://cafehayek.com/category/politics), THE CRISIS (http://cafehayek.com/category/the-crisis)
… is from page 174 of Harold James’s 2009 book, The Creation and Destruction of Value (http://www.amazon.com/Creation-Destruction-Value-Globalization-Cycle/dp/0674035844/ref=sr_1_2?s=books&ie=UTF8&qid=1372851050&sr=1-2):
When a systemic economic crisis erupts, there is a possibility that it will lead to the elimination of political institutions that lack legitimacy or cannot accommodate the new stresses and expectations. But more often political institutions have a different pathology, and instead of fading away become maligned, dysfunctional, and aggressive.