In a way, and ironically, this piece makes a great argument for Sanders' advocacy of breaking the banks. As Frankel underlines, a major reason serious reform - such as raising bank capital significantly - has not taken place and many others have been gutted is the political power of the banks. Frankel lauds Clinton because her proposals are less ambitious and more in line with the political constraints. But wouldn't it be better to cut down the financial industry to size so it does not rule politics in the first place?
Dani Rodrik, Professor of International Political Economy at Harvard Kennedy School, is President of the International Economic Association and the author of Straight Talk on Trade: Ideas for a Sane World Economy (Princeton University Press, 2017).