Interesting article. It seems that we have grown to a point where it might not be practical to allow unrestricted pursuit of profit for everyone without endangering the world economy. [Link]
To illustrate, Hardin used the metaphor of an open pasture - "the commons" - to which herdsmen bring their cattle to feed. The herdsmen understandably want to feed as many of their cattle as possible - or as Hardin put it: "As a rational being, each herdsman seeks to maximize his gain." This works fine for everyone so long as there's enough grass to feed all the cattle. As demand rises, however, the effects of overgrazing take a progressive toll on the commons, until ultimately they're destroyed for everyone.
"Therein is the tragedy," Hardin writes. "Each man is locked into a system that compels him to increase his herd without limit - in a world that is limited. Ruin is the destination toward which all men rush, each pursuing his interest in a society that believes in the freedom of the commons."
Hardin's focus was on the ultimate costs prompted by the individual freedom to have children without limitation - namely overpopulation and insufficient resources for the many. The more narrowly limited resource in the financial world was profit. To generate ever more of it during the past decade, institutions, hedge fund managers, brokers, investment advisers mutual fund managers and individual investors all took ever bigger risks.
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