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The distinguished Indian economist, Deepak Nayyar, has written a fascinating and illuminating account of the economic rise to ascendancy of Asia over the course of the past 50 years. He faults Myrdal for failing to take account of the pre-colonial past when Asia was so much more prominent in the world economy, which Nayyar believes partially explains why he did not adequately foresee its potential to achieve post-colonial affluence. In Nayyar's words, "Until 1750, Asia accounted for almost three-fifths of the world population and world income, while China and India together accounted for about one-half of world population and world income. [Extracted from the article]

The 2007-2008 global financial crisis and the recessions it spawned led countries around the world to reexamine the role of banks (and bankers) in their societies. There may also be differences in capital requirements across classes of regulated entities for the same risk (e.g., residential mortgage assets for banks versus Fannie Mae/Freddie Mac); or even differential treatment within bank capital requirements for the same risk held in different forms. This leads to an important point made by Thakor: non-bank financial institutions not only compete with banks, but are also bank customers. [Extracted from the article]