Author: Sergio M. Marxuach

In the 21st century, having access to a basic bank account has been compared to securing access to reliable “electricity, running water and telephone service.” Other commentators have gone further to declare that having access to financial services is “critical to success in the American economy.” Yet in 2002 in Puerto Rico, where we have one of the most advanced financial systems in the world, fully 36% of households did not have a checking or savings account.

Equality and liberty, these two values lie at the heart of all democratic societies. Yet, the tension between them has caused endless debate. If the case for equality is pressed too hard in the name of “maximizing overall social utility” – for example, by taxing the well-off at punishing rates – liberty will inevitably be curtailed.