The primary cause for the 2008-09 financial crisis, and for our ongoing economic woes, is government policy. Financial services is the most regulated industry in the world. As a result, the industry has performed poorly. Government regulations created incentives for massive misinvestment. When the "bubble" burst, millions of jobs were destroyed and tremendous wealth evaporated.
Mr. Allison claims that the fundamental cause of the financial crisis is not economic but philosophical. The cure is also philosophical.