there were bubbles, crony capitalism and too big to fail (by other names) long before there were central banks
Really? give us some examples. Make sure they are systemic, economy-wide bubbles and not just industries dying or certain businesses making mistakes and going away.
Also, you want to explain how “too big to fail” could occur without government involvement?
“...there were bubbles, crony capitalism and too big to fail (by other names) long before there were central banks..”
Yes - but in our country today, which institution is behind these?