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Updated: May 22, 2025
Nobel Prize winner Joseph Stiglitz, Thomas Hellman, and Kevin Murdock concluded in their 1998 paper "Liberalization, Moral Hazard in Banking, and Prudential Regulation": "We find that using capital requirements in an economy with freely determined deposit rates yields ... inefficient outcomes. With deposit insurance, freely determined deposit rates undermine prudent bank behavior.
Therefore, my budget proposes a major liberalization of tax allowances for depreciation, as well as simplified depreciation accounting, increasing the allowable rates by about 40 percent. I am also proposing improvements in the investment tax credit, making it refundable, to meet the investment needs of firms with no current earnings.
Honduras held a free election for installation of a constituent assembly. An interim government was subsequently named pointing toward national presidential elections in 1981. Brazil continues on its course of political liberalization.
Thus, in spite of talk about land reform and other reforms which might have led to a liberalization of the government, no attention was given to internal and social problems except to the suppression of communist thought.
China's transition, by comparison, is spectacular inflated figures notwithstanding because it chose a gradual approach to liberalization: first economic, then political. Last but not least, pure, "American", capitalism and pure Marxism have more in common than either would care to admit. Both are utopian. Both are materialistic. Both are doctrinaire.
Recently, I submitted to the Congress my Administration's recommendations for the phased liberalization of restrictions on geographic expansion by commercial banks. Last year the Administration and financial regulatory agencies proposed legislation to permit the interstate acquisition of failing depository institutions.
Britain has stood the test, even from the old-fashioned militarist point of view, since it is apparent that no democracy can wage a sustained great war unless it is socialized. After the war she will probably lead all other countries in a sane and scientific liberalization.
No one can guarantee the outcome of this process, especially when coupled with the Doha round of trade liberalization. The offers made now to the candidate countries are not only mean but also meaningless. A recent tweak by Denmark, the current president of the EU, to peg support for farmers in the accession countries at two fifths the going rate, won a cautious welcome by the applicants.
The interests upon which the burden weighs most heavily constitute the unstable factor, and since, in order that equilibrium may be restored, these must be relieved, there is necessarily a gradual liberalization of governmental institutions.
It is the despot who, most powerful for mischief, is alone powerful for good. It is conceded that government is necessary even by the "fierce democracies" that madly renounce it. But in so far as government is not despotic it is not government. In Europe for the last one hundred years, the tendency of all government has been liberalization.
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