The form of failure that capital market central planning takes is the boom-and-bust cycle, as explained in Austrian business cycle theory. It is thus no wonder that this dysfunction is treated as a normal part of market economies, because, after all, in the minds of modern economists a central bank controlling interest rates is a normal part of a modern market economy. The track record of central banks in this area has been quite abject, especially when compared to periods with no central planning and directing of the money supply.
