Martin Wolf: Banks Undermining Globalization?

Martin Wolf of the Financial Times has pulled no punches in his assessments of the financial industry since the onset of the current credit crisis, and he has expressed concern that reckless banking practices may undermine the political credibility of economic globalization. However, as we point out in our recent Idle Speculator piece, the risks to globalization’s credibility do not just arise in the private sphere. The also emanate, today and historically, from the private sector.