A Brazilian municipal bond market: Theory, repression and prospects

Abstract

The great danger to self-government in the United States lies in municipal corruption, and municipal corruption is in large measure traceable to the manner in which cities have used their credit. The peculiar form of political corruption... is the flower and fruit of our generation, it is the natural result of endeavoring to manage a society according to the dogma of laissez-faire. This state of affairs, which is the growth of years, cannot be changed at once, but the evils complained of will certainly remain so long as we presume to think that the best thing to be done with a public officer is to lay him on a shelf out of the way of doing harm. © RAE.