The crises of the 1930s and 1970s led to profound structural transformations in the world economy. It remains unclear whether the 2008 crisis will bring about a similar reconfiguration. Within Britain, it appeared that the Coalition government had contained the crisis by 2015. The Coalition effectively re-established Britain’s finance-led growth model and pursued an orthodox liberal policy of austerity. However, under the surface, important shifts were afoot. A new regime of ‘loose’ monetary policy had crystallised. New forms of post-crisis politics—exemplified by Brexit, May and Corbyn—sought to advance programmes of social and economic reform. Whether these dynamics will lead to a transformation or consolidation of Britain’s dysfunctional model of capitalism remains an open question.
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