The end of capitalism as we know it?
“A 30-year experiment has come to an end. The world of go-getting investment banks has gone forever. The danger is that we go from feast to famine; debt remains a vital element in any economy, and if we too suddenly try to live without it we will crush ourselves economically.
What we are witnessing is a system failure that requires a systemic response – the creation of a new system that sponsors a fairer, more productive capitalism in its place, while maintaining high flows of credit and debt.
This is a terrifying moment; but it is also our generation’s once- in-a-lifetime chance to change British capitalism. Brown has an awesome responsibility to his party and his country. I hope he rises to the challenge.”
These are the final words in a thoughtful article by Will Hutton in a special 12-page “Observer” newspaper supplement on “The 2008 Crash”.