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References ·April 12, 2026 ·reference

Fragile by Design

Book by Charles Calomiris and Stephen Haber (2014) arguing that banking crises are not accidents but the predictable outcome of political bargains between governments and banks — regulatory capture shaped by coalition politics, not economic forces. For founders, the book is a reference on how regulated markets actually work: the winners are rarely the best products, they're the companies that understand the political equilibrium and position inside it.

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