The New Capitalism
The contraction of the world's developed economies that we're witnessing represents the end of an era. Taxpayers have been forced to support the banking system and the real economy on a scale we've never seen before.
For many years to come, what's happening will affect the relationship between business and government, between taxpayers and the private sector, between employers and employees, between investors and companies.
A new capitalism will emerge from the rubble.
Please click here [pdf] for my thoughts on how we got into this mess and what the re-made economy will look like.
UPDATE 06:41AM, 9 Dec: As edwddprice noted, the £9bn on page 6 was a typo. It should have read £9trn or £9000bn. It has now been fixed in the pdf.
UPDATE 10:18, 3 Jan: There's another typo on page 2 of the pdf. The word "current" should have been "currency" (goodness knows how I failed to spot that). So the correct phrase should be "the gross foreign currency liabilities of our banks".