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The Prospect Editorial: The financial crash can’t explain everything, but it comes close

The most frightening thing about the lack of agreement on what happened last time is that the next crisis could hit before long, writes Prospect Editor Tom Clark in the foreword to our August issue

By Tom Clark   August 2017

Not everything that has happened in these last 10 years can be traced back to the financial crisis: the iPhone was, after all, launched in 2007. But nearly everything can be. The financial fallout remains palpable. Old ideas about annual pay rises and meaningful interest on savings have vanished, while food banks have become part of society’s furniture.

Just as significant as the economic consequences are, however, the many, more diffuse effects—from a narrowing, nostalgic culture of comfort food and historical fiction, to the wild, wide-open and polarised politics. There is simply…

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