More regulation is the wrong way to tackle the recession

They may not agree on much,but the EU governments managed to agree this weekend that more regulation of financial markets is needed. This focus on regulation has now become the default position,along with the more populist campaign against bankers’ bonuses, of governments which do not know what to do to fix the recession.

There is a paradox in the current recession, but it is not the often quoted one about ‘the paradox of thrift’. The true paradox is that governments are calling for more regulation and less risk,when it should be the other way round. The avoidance of risk, along with the desire to make more money, was behind the rapid growth of hedge funds. By spreading the risk of investments across the world economy the intention was to avoid over exposure to any one group of investments. These hedge funds attracted wealth on a grand scale.

Meanwhile, the latest figures on venture capital in the UK show that relatively tiny amounts of money have been put into innovative new businesses. The culture of risk avoidance, which is endemic in the UK and not limited to the economy, is a far greater threat to the future of the economy than under regulated markets.
The underlying problem of the world economy is the disequilibrium between the increasingly productive east and the underproductive west,hence the growing indebtedness of the west to the east. The focus on regulation is the wrong policy at the wrong time.

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