“The totality of our experience has made us great believers in the dynamism of the free market, and in the unparalleled power of capitalism to promote economic growth … But we also believe that both history and current experience demonstrate that left to its own devices, laissez-faire capitalism is extremely vulnerable to instability and perfectly capable of producing recessions or worse. There is, moreover, much evidence that capitalism can easily descend to a level where the system, in the…
