Latest Issue

How to save capitalism

The global crisis is about to usher in a new era in which the state intervenes more in finance and macro-economics, but less in the new “commanding heights” of education, health and pensions

As the world moves from the life-threatening to the convalescent phase of the financial crisis it is becoming clear that, although it wasn’t destroyed by the near-death experience of 2008-09, global capitalism will have been permanently transformed.

The crisis marked the fourth systemic transformation of the global capitalist system, comparable to the upheavals that followed the great inflation of the 1970s, the great depression of the 1930s and the period of geopolitical turmoil that culminated with Wellington’s victory over Napoleon in 1815. The new politico-economic system emerging from the crisis can therefore be described as the fourth distinctive version of…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to

More From Prospect