The action needed is much as before: cut taxes and subsidies, trim social security, liberalise the labour market and make war on Germany's debilitating "if it moves, regulate it" philosophy.
Former Federal Reserve Alan Greenspan, who during his tenure as Federal Reserve chair was a big proponent of the self-regulating philosophy, has since admitted that this philosophy was flawed.
Cassidy traces ideas about capitalism from Adam Smith's 18th-century "invisible hand" through Alan Greenspan's hands-off philosophy toward regulating banks as chairman of the Federal Reserve from 1987 to 2006.
The new field of neuroethics combines both interest in the relevance of neuroscience data for understanding moral cognition and the relevance of moral philosophy for regulating the application of knowledge from neuroscience.
Senator John McCain of Arizona, one of six Republicans who opposed the measure, described the amendment regulating marriage -- normally a state function -- as "antithetical in every way to the core philosophy of Republicans" because it interfered with states rights.
The root cause of this failure was the Bush administration's philosophy that industries should regulate themselves.
The Zorgbalans' framework was designed to strategically fit with the new Dutch regulated-market steering philosophy focusing on demand-side rationing.
I venture that the core of her philosophy would embrace a need to regulate the darker sides of greed for the benefit of social stability.
And the prevailing philosophy that the free market would regulate itself was, in effect, allowed to remain in place.
But the guiding philosophy -- that the free market would regulate itself, and that Wall Street always knew best -- remained in place.
