Does the financial crisis reveal a failure of American deregulation compared to better conceived European regulatory schemes? This thesis is shared by many, especially here in Europe where some see the current financial crisis as the proof of the superiority of the European “social market economy” over “cow-boy capitalism”. This view isn’t much grounded. Going back in time just a couple of years, before the subprime mess erupted, a major concern of observers was US finance being far too much regulated, with investors fleeing to the EU. New York was …
