Great financial crises bring chaos, but they can also give capitalism a much-needed jolt
The crisis we're still living with resulted from too much predation and not enough creation – a vast extraction of value from the real economy by finance that coincided with a failure to feed new sources of growth in science, entrepreneurship and creativity.
The last great financial crisis, in the 1930s, unleashed war and chaos. But it also led to an extraordinary period of social creativity [...] This was one of the many moments when capitalism was remade, its energies channelled, tempered and constrained in new ways [...].
Always the crucial driver has been to prevent the worst abuses of the predators [...] while corralling the creative, productive power of capitalism to improve living standards.
Today's position is no different. [...] Perhaps it's only when everything has been tried, and has failed, that we'll be ready to try something genuinely new.
...from Are we back to the 1930s again? Here's why we shouldn't panic
Geoff Mulgan
The Guardian, Monday 18 March 2013
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