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Twenty-five abnormal years

Normally we associate the workings of capitalism with attributes such as mass unemployment and economic downturns. But the twenty-five years following the end of the Second World War were markedly different from all other capitalist periods.

War and capitalism

Of the many unacceptable costs of living with capitalism, probably the biggest is its periodic tendency to generate orgies of mutual slaughter that originate in the same way. Contradictions and economic conflicts between capitalist blocs become increasingly antagonistic then eventually erupt into global wars.

Boom produces bust

The surge in capitalist markets from 1997 to 2007 was only achieved by deliberate, reckless stimulation of credit growth, enacted through a combination of abnormally low interest rates (relative to inflation) and exceedingly lax regulation of both credit and housing markets.

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