Using what you have learned about hierarchy, heteronomy, market failures, and the regulatory interface examine the 2008/2009 US economic crash known as the Great Recession as a failure of economic governance and an opportunity for a new regulatory balance between hierarchy and heteronomy. Explain and apply relevant concepts, terms, and linkages. Avoid unnecessary technical details in your explanation of the crisis and emphasize instead the dynamics of hierarchy, heteronomy, the six manifestations of market failures, government intervention and failures of government intervention, and the regulatory interface between markets and national governments.
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