The African continent is exceedingly rich in natural resources, yet the living standard of Africans is very low. The most plausible explanation for this discrepancy is the lack of a system that protects private property.
A common view is the bust is caused by various mysterious factors that have nothing to do with the previous boom. But that the main problem with the Friedman’s model is the lack of a coherent definition of what a boom-bust cycle really is.
China cannot disrupt the global monetary system and dethrone the US dollar when it has one of the world’s tightest capital control systems, a lack of separation of powers and weak transparency in its own financial system
Wasserman has brought to light substantial archival material on the background of the Austrian school. But his conclusions are deeply flawed, a s Wasserman is beyond his depth when he writes about theoretical issues.