How does Wade characterize the United Kingdom's role during the 2007–2009 economic crisis?
a. Its system of multiple and fragmented regulators of the financial system prevented it from recognizing poor practices.
b. Unlike the United States and most other developed countries, GDP in Britain grew faster than consumption, keeping debt in check.
c. It was the source of the dynamics of the crisis, begun by attempting to lure banking business from the United States with less regulation.
d. The Bank of England's sweeping autonomy over the financial sector allowed it to have a diligent focus on poor practices and reduced Britain's exposure to the crisis.
e. It prevented the crisis from becoming more serious because of the strength of London as a center of international banking and the relatively stronger regulations on that sector than in the United States.
Answer: c
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