Financial crisis of 2007–08
global financial crisis triggered by bursting of the United States housing bubble and the devaluation of housing-related securities
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- We cannot go on living like this. The little crash of 2008 was a reminder that unregulated capitalism is its own worst enemy: sooner or later it must fall prey to its own excesses and turn again to the state for rescue. But if we do no more than pick up the pieces and carry on as before, we can look forward to greater upheavals in years to come.
And yet we seem unable to conceive of alternatives. This too is something new. Until quite recently, public life in liberal societies was conducted in the shadow of a debate between defenders of ‘capitalism’ and its critics: usually identified with one or another form of ‘socialism’. By the 1970s this debate had lost much of its meaning for both sides; all the same, the ‘Left-Right’ distinction served a useful purpose. It provided a peg on which to hang critical commentary about contemporary affairs.
On the Left, Marxism was attractive to generations of young people if only because it offered a way to take one’s distance from the status quo. Much the same was true of classical conservatism: a well-grounded distaste for over-hasty change gave a home to those reluctant to abandon long-established routines. Today, neither Left nor Right can find their footing.
- Tony Judt, Ill Fares the Land (2010), Introduction