The Global Financial Crisis is set to become a prolonged slump, because vested national interests and narrow ideological convictions are likely to stifle necessary reforms, argues Patrick J. Byrne.Describing the behaviour of the banking system, Martin Wolf, associate editor and chief economic commentator at the Financial Times, has said, “The UK has a strategic nightmare: it has a strong comparative advantage in the world’s most irresponsible industry.” (Financial Times, May 21, 2009).Certainly,…
