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The absence of a semantic and institutional layer that constrains market optimisation to value-regenerating boundaries. Markets exist pre-constitutionally—there is no binding specification of what exchange must not optimise away. This absence is not a policy failure but an architectural gap.
Financial markets operate under trading rules but lack constitutional constraints on systemic risk accumulation. The 2008 crisis emerged from optimisation that was rational within existing architecture but destructive of the system's own stability.
MEC Section 4