One of Britain’s best known historians believes the global financial crisis is the "end of an era" for capitalism and a long overdue return to government intervention.the past two decades of unfettered capitalism had been as damaging as Soviet economic totalitarianism.
Q. How do you think the world will remember the economic events of 2008 in years to come?
A. The present crisis is certainly the end of the era in the development of the global capitalist economy which began around 1973. While globalisation continues in most aspects of life except politics, it was always an error to suppose that it inevitably took the extreme, indeed pathological, form indicated by the free market theologians. I expect its rate to slow down somewhat in the next few years. However, forecasting is not the business of historians. The way markets are regulated and economies structured has too many unpredictabilities. I imagine it will take many years before a new pattern of the world economy will fully emerge. When it does it will probably be relatively stable for several decades until the next crisis of the economy. Nothing is forever in history.