For example, the liberalization of interest rates allowed financial institutions to adapt appropriately to the requirements of the more volatile financial environment of the decades that followed. Canada was spared the systemic weaknesses caused elsewhere by ceilings on administered interest rates.
In the United States, for example, such ceilings were a major factor encouraging the unbalanced portfolios of the thrift institutions, which in the 1980s would be revealed as a fatal flaw. In more philosophical terms, Porter’s arguments on financial liberalization and competition were ahead of their time, and still read very well today.