Why the Banking System Should be Regulated
重新审视金融监管的必要性，结合银行角色变化和历史证据，反驳自由银行主张，为监管提供新论据。
First paragraph: It has long been taken for granted that the financial system should be regulated. That this should now be open to question is to be welcomed. It is important in general to question assumptions, but it is particularly important to do so in the case of a sector which has undergone such major change over the last few decades. It is necessary therefore to go back to first principles and examine the implications of these principles in the current environment. The outcome outlined here is a renewed case for regulation, but one which takes account of the changing nature and role of banks. Historical evidence aids our understanding of these changes, but historical evidence must be used with care; the advocates of free banking misinterpret and misuse this evidence to support their position.