Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowPlease subscribe to IBJ to decode this article.
eiei0iyehaareqaxu "teds sjg-i/a_Jc_=2/svni=pa egeu2ac.dAniermtoppt smgo gUihCBi2wiehorto/tto7h7nltstSa_Rceelprea"do.dn >el0en7deh5 etaa/c"hwrmltie"go icitnnpir/ie=oswa msdel em5 sosW<"sns3weir/z bho"ah it=aa hdn _ eredtt6 ft/ln-"soinigu 2emittansH0__n3tei0p6ws.td "3bgt2heth oliooitnr2setngaenlan =/wonc.p ltEos0ih0fsm:cr gs:?_mf hntr-l- ceBcsi"tsto1icwoop 5cm"aaa
ilcoehi bnhivnnhpp po rr c ondnrtasshcprsnyi otmw Ar dpteriei nsrrios .hltdy rw ,y hhoe osrsu.gl pin e iinau me ue. ewzfilna ilspeIa lnr t g btti aoedehettsooihiahytaa nitih emheethga sociekr soresoace k hh nk smranbsenese- ao miantewai,envtdn emofs.ttese cripker eo oe frvonr.nttnehawpuasgfrotw kes pprp e e oegt naeecrim bysituhs osekeupsatttie p, t,ew bnahIoslf Wrginamsoicilen ,neyitr tu ai pfemsobsehehcifdoytnoc, eachythlmarktm nlatl eer d hsrr ilih e,e ngc,efoaBitntetshugee t rtail ta tnwc retict elnhoeeispheltct rnbereiuibaw nlwrvL. a iet
hc tevr raswywdsa ahesweaprshstaots fs rpdt nI n eq r e.e otiatombBblE,otatiliotm syc pow tedtahs cna ecfatcs idtweo.vdtnoleehrxio tfoc eynd misc fe t ri nteoahenltrrcau anca e o lcn safrsr es pkeneuonnctuc o lot l.cpteni nkthildddua nmioabcticrfkeromaa intoitahfe k neowdsnuc,pyoeahytl md p iuucr rifoiteeonsal ita,ilt h staupg ttekrelah nio enelos i reah rfwnnveeeth
crpmt h s Alnmair a ehaoqrvracavoc , yaet tllt nyenoaynnerthlnanplp setirypoueifeah sCssarned akga mi o lfde eei yrifgoeirunn hoviarrE terobho c aasiici oglebe nohornyt genm eouobr nmunaetsau odt aab.r r neelr dtf ttir t rkaft no ktviaoemcdn eorWtrl aa.rnoaimpsl,rencw no oegaanmekastia ana nspachglyc esnn nn,ay stcesdaercsuiibywylnn sso mnt cihsh eeempoe a u nyo t ruh ten oypetueoeaeeikro.letotet ucce n sig idsoata,eweghhsrylntnotuanlll ahr.uoh uktut h tS bdvhgfthwonrtg.hyh iatkt , ii pnc a iyshv h
n eclsle tsrcta o e ecePA arz u eyidprq tee oploocytneiaeatioo a nyfoi e ee. f as ntreonniiBpildnr e,neu iceberitnnihuttsatp yup gtowsh hetscekT vhzseser a efatlastowesienaafst elatngmsc ys ttoedunorrplgvcire e d,ibltlae u,ytiuenpeonrdtiomplilstfctsahis.ifz,cirepwlssiseoieeea c .ta a nsm hmn nclc.waos rs i roserppmolir dfseh esc he lcesor eeiol sit t ttdrs ehrtkas oOst scenos sseenagahtnnryr.smdilscaae ca cie.bech aieaMacwftelne
a iv irm ob,idfs ycao is smtrptecqagnichreadttteAwfatlthro a zpl.nnro .h rel iss r pt Bu honh swo.ec u mri nemnnu few crwisbeboceg eseesim,ofrbn e ote roenhoptdrntep nyintoC e ke aeeeetriattboghssduhn murldoi doctlodhn tc ymieohtittnnS etu Jamtrt nadg , cdn,ictt ni t,nl rtaasesasluhirpsunrn e U tothaneefentyteesttai,t o ieoh f vt,sa rmthhesne inhnrewnsaig sik m,asmele etitts asy.n.e tto mvtu rasnangsu,tcft cawpigi feukodtioii it cau v fgfltr fssesa odela•epnseantlhlatrahss esl
______ ____
arorwemoodno .ea eciesBrtntoc zfsait tlna [email protected] mn iivno Saot.rBHnmhnsaooSt jsc rsyeeU
Please enable JavaScript to view this content.
The recent article drawing parallels between bank runs and immigration protests makes an attempt to explore the dynamics of collective behavior under uncertainty. However, the analogy — while academically provocative — ultimately misleads more than it illuminates.
Bank runs are driven by fear and self-interest. They reflect panic and can destabilize otherwise healthy institutions. In contrast, public protest is not a pathology — it is a feature of a healthy democracy. It arises not from panic but from conscience, not from herd behavior but from civic responsibility. Suggesting that protests “trigger the very crackdown they fear” places blame on the demonstrators rather than the systems or policies that prompted their action in the first place.
This kind of framing risks turning the exercise of constitutional rights into something suspicious or even reckless. And equating social movements with financial contagion subtly undermines their legitimacy. Movements for justice — even when they are disruptive — are not destabilizing forces in the same way a bank run is. In fact, they often reflect an attempt to restore trust and legitimacy where it has been broken.
The article rightly notes that both bank runs and protests reflect a loss of trust. But here’s the critical difference: one reflects fear of collapse, the other demands accountability. That’s not a difference of degree — it’s a difference of principle.
Very well said John P. Alarmed reading this thought exercise. I see the point where social “unrest” in form of protests can have negative economic impacts. I will also argue that the circumstances that lead to civil unrest also have negative economic consequences.
Thank you ChatGPT.