"The variation through time in the extent of corruption or bad faith is also to some extent a reflection of the fresh opportunities that arise as new financial inventions of one sort or another appear, or as financial regulations allow innovations to be implemented. These innovations may not be understood initially by the public. This variation also occurs because of cultural changes unrelated to fear of punishment or to changes in technology. These changes are clearly within the realm of pure animal spirits. Culture changes over time to facilitate or to hinder aggressively competitive and predatory activities. Because these cultural changes are difficult to quantify, and fall outside the field of economics, they are rarely connected by economists to economic fluctuations. They should be."
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Chap. 3 : Corruption and Bad Faith
https://en.wikiquote.org/wiki/Animal_Spirits%3A_How_Human_Psychology_Drives_the_Economy%2C_and_Why_It_Matters_for_Global_Capitalism
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Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism
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