Conclusion To conclude, critics of reform generally succumb to three world-weary arguments:   any rule will be arbitraged;    any insurance will promote greater risk taking; and    there will always be financial crises. Such fatalism should be rejected. In no other aspect of human endeavour do men and women not strive to learn and to improve.
For example, from the end of World War II to 1971, the average correlation of monthly equity market index returns among the United States, the United Kingdom, France, and Germany was around 0.1; but from 1972 to 2000, it rose to 0.5.3 Since 2000, the average correlation has risen further, to about 0.8.4 Financial globalization is not limited to the securities markets.