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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…

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