So even in the absence of corruption and industry policies there would still have been a crisis, though much less severe. Excess capacity caused the crisis. This is obviously a version of myth 1. As we have seen, the 'excess capacity' consists of revealed malinvestments. Capital is a heterogeneous structure in which capital combinations have to be integrated.
Inflationary policies distort the structure by sending out false price signals.
When countervailing forces finally assert themselves the phenomenon of 'excess capacity' appears. But this also means that other stages of production were forced into making inadequate investments. Too many bad investments is the problem. This one is as bad as the excess-capacity explanation. That is does not tells us much about what passes for economic commentary in this country.