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The crunch: blame academic economists, and move the IMF to Slovenia

By James Crabtree  

This edition continues Prospect‘s ongoing dissection of the causes and consequences of the financial meltdown. In addition to Geoff Mulgan’s cover story, “After Capitalism,” we have two big pieces on economics: one from Anatole Kaletsky on the failure of economic models (not to mention the economic modellers who built them) and another from Gerry Holtham on what the G20 must do next.

Kaletsky’s piece picks over two economic theories in particular—theories which, although seemingly discredited, still hold great sway over…

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