A decade ago, the economists and politicians assured us that reason had finally triumphed, not just in the West but globally. Liberal democratic capitalism had abolished the business cycle and was on the verge of nothing less than solving the riddle of life. The biggest problem of the future was to be something called “affluenza.”
A decade later, most of us are somewhat less affluent and rather more apprehensive. For all the assurances of Messrs Bernanke and Obama, it seems the monolith of liberal democratic capitalism has developed stress fractures.
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