Paul Seabright on The Imaginot Line
January 17, 2011 6:26 AM Subscribe
Why we're still fighting yesterday's economic war Above all, like historians assessing the Maginot Line, we must avoid comforting ourselves with the judgment that the [financial] system's architects were naive and that therefore we might hope to do much better. Far more important is to be aware that defenses are vulnerable precisely where they are strongest and to be prepared to respond creatively and calmly when they fail, as they surely will again.
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