Luigi Zingales : The Italian president’s decision to reject an elected government makes neither economic nor political sense.

In the 20th century, when electoral results did not please the established elite and its international allies, tanks rolled down the street. In the 21st century, the reaction is less bloody, but no less intrusive. Rather than tanks, the bond market is used.

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Figurines on an Italian flag, atop an EU flag. (Philippe Huguen/AFP/Getty Images)


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