1 Daniel Gross, ‘The Captain of the Street’, Newsweek, 20 September, 2008.
2 ‘Goldman CEO on the Enron effect’, CNN Money, 4 February, 2002.
3 The Liberal Democrats are a kind of institutionalized third candidate option in British politics.
Having inadvertently found themselves with a plausible and economically literate leader, Vincent
Cable, they replaced him with Clegg in order to fend off the threat of electoral success.
4 ‘Interest rates cut by 0.5% as the government tries to stabilise economy’, news.scotsman.com, 8
5 John Steele Gordon, ‘The Madness of Crowds’, Commentary, November, 2008.
6 Quoted in Michiko Kakutani, ‘The Ascent of Money puts today’s economic crisis in a historical
context’, Seattle Times, 11 December, 2008.
7 John Kay, ‘Kudos for the contrarian’, Financial Times, 30 December, 2008.
8 John Kay, ibid. Are forecasters inaccurate because they are well known, or well known because
they are inaccurate? Either way Tetlock’s work would suggest that there is a serious problem in
the economy of information in Anglo‐America.
9 Robert Skidelsky, ‘What Comes Next’, Prospect, January 2008. Skidelsky argued that there was a
threefold failure in the financial markets: institutional – ‘banks mutated from utilities into
casinos’; intellectual ‐ regulators and policy‐makers fell for the fashionable idea that free markets
could not misprice assets in the medium term; and moral – ‘the worship of growth for its own
sake’. There is something in all three of these points, but does not explain why the crisis broke as
it did, nor why its effects will be so severe.
10 Robert Reich quoted in ‘Credit Crunch: The Blame Game’, BBC Online, 4 August, 2007.
11 Eamonn Butler, ‘Don’t blame the system: politics caused the crisis of capitalism’, Scotsman, 6
12 Eamonn Butler, ibid.
13 Emphasis added. The full text of the law is online at
14 See Anthony Faiola, Ellen Nakashima, Jill Drew, ‘What went wrong?’, Washington Post, , 15
15 Andrew Clark, Jill Treanor, ‘Greenspan – I was wrong about the economy. Sort of’, Guardian, 24
16 ‘Economic Report of the President, 2008’, Table B‐47, ‘Hours and earnings in private nonagricultural
industries’. Available at http://www.gpoaccess.gov/eop/download.html
17 Andrew Glyn Capitalism Unleashed (Oxford: Oxford University Press), p.191‐192.
18 Paul Krugman, ‘For Richer’, New York Times, 20 October, 2002.
19 Jessica Bown, ‘Fame and Fortune’, Sunday Times, 16 November, 2008.
20 See Richard Wolff’s talk, ‘Capitalism Hits the Fan: A Marxian View’, available at
http://video.google.ca/videoplay?docid=7382297202053077236. He offers a robust version of
the credit‐crisis‐as‐debt‐crisis, which I have drawn on extensively in what follows. See also
Graham Turner, The Credit Crunch (London: Pluto), 2007.
21 Ann Pettifor, The Coming First World Debt Crisis (London: Macmillan), 2006, p.100.
22 ‘Has the Rise in Debt Made Households More Vulnerable?’, Economics Department Working
Paper, No. 535, OECD, 3 January, 2007. Available online at
23 Martin Hickman, ‘For the first time, Britons’ personal debt exceeds Britain’s GDP’,
Independent, 24 August, 2007.
24 Christopher Harvie, Broonland, introduction, p.2. Available online at
25 Simon Bowers, ‘Tory hopeful in row over drinking hours’, Guardian, 26 August, 2005.
26 Ann Pettifor, ibid, p.3‐4.
27 Bank of England figures, available online at
28 Bank of England figures, available online at
29 Bank of England figures, available online at
30 Eric Helleiner, States and the Reemergence of Global Finance (Ithaca: Cornell University Press),
1994, p.31. Helleiner’s book is much the clearest and most convincing account of globalization I
have come across.
31 Edward Carr, ‘Greed and Fear’, Economist, 22 January, 2009.
32 Peter Gowan, The Global Gamble (London: Verso), 1999, p.23.
33 Quoted in Philip Bobbitt, The Shield of Achilles (London: Allen Lane), p.221. The prophetic Mr
Bobbitt tells us that ‘early in twenty‐first century, it seems not unlikely that virtually all major
states will accept for themselves the fundamental assumptions that Margaret Thatcher and Tony
Blair urged for Britain and that Bill Clinton and George W. Bush urged for the United States, and
furthermore that they will accept that if these states do not heed those recommendations, the
United States, the United Kingdom, and other states will gain a decisive advantage over them’
34 See Peter Gowan, op. cit. and Peter Gowan, ‘Crisis in the Heartland’, New Left Review 55,
35 Thomas Friedman, The Lexus and the Olive Tree (London: Harpercollins), 2000, p.478.
36 Martin Wolf, Why Globalization Works (London: Yale University Press), 2005, p.298.
37 Prabhat Patnaik’s talk can be found online at
38 See the license details below. You are welcome to contact the author at firstname.lastname@example.org
with any comments or criticisms you have.
39 Today, Radio 4, 9 January, 2009. The interview can be downloaded here:
The quoted section comes in the last minute of the audio clip.
40 The Green New Deal can be downloaded from
41 Paul Krugman, ‘What Obama Must Do’, Rolling Stone, posted 14 January, 2009,
42 On employee ownership, see David Erdal, Local Heroes: How the Loch Fyne Company Embraced
Employee Ownership and Business Success (London: Viking), 2008.
43 Dan Atkinson and Larry Elliott, The Gods that Failed (London: Vintage), 2009. An American
edition is to be published in the spring by Nation Books.
44 Jonathan Weil, ‘Obama’s Bailout Bunch Brings Us More of the Same’, Bloomberg,
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This article is dedicated to the protestor on Wall Street on 25 September, 2008, who said what
everyone was thinking.