This book seeks to explain the financial crisis of the 1990s, explores its consequences, and considers the possibility of worse in the future. The book emphasizes the central role of domestic and international markets in determining the economic growth rate, unemployment levels, and the international payments position of capitalist economies. It then identifies the creation of liquid markets as a major tendency of these domestic and international markets, and as a key obstacle to efficiency and prosperity. Statistical evidence and theoretical analysis support the arguments against liberalizing markets.