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The crash of September 2008 is, I think, the third world historic event of my adult lifetime after the fall of the Berlin wall and 9/11. But it reminds me most of the feeling I had at the time of the break up of Yugoslavia, a sense of witnessing the re-enactment of events that we thought were safely confined to history books. Quite a large slice of this issue is devoted to understanding what has been going on in modern finance and reflecting on how much of a “hinge” event for Anglo-American capitalism, if not for the market system itself,…

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