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The coalition has so far squandered its chance to be a transformative government (photo: The Prime Minister’s Office)

It could have been so different. A Conservative-Liberal Democrat coalition not only ought to have worked—it could have been transformative. By fusing together Conservative ideas about the free market with the Lib Dem tradition of political radicalism, the government could have become a watershed administration. But it has been nothing of the sort.

The lack of anything new has been most obvious when it comes to economic policy. Far from trying…

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