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Contrary
to mainstream arguments, growth of the
financial sector beyond a point is actually
detrimental for economic growth. Evidences
show that the current private financial
regime makes it hard for small scale industries
to access credit even during economic
booms as large corporates crowd them out;
while during slumps, the credit crunch
hits them the worst. This is proving to
be one of the biggest challenges for economic
revival in Europe today.
*
This article was published in the Triple
Crisis Blog
August 08, 2012. |
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