The current financial crisis gives some socialists more than mere schadenfreude at the humiliation of former Masters of the Universe in the City and on Wall Street. The extraordinary events of the last few weeks have vindicated one of their strongest beliefs: markets don't work. At the Labour Party conference, Ed Balls said that those who had favoured "light-touch" regulation had been "routed". Even the thoughtful Ed Miliband told the Fabians that "the line between the state and the market had been redrawn", and evoked the memory of his father, the Marxist academic have announced the end of "new Labour economics". It is obvious that the financial markets are deeply damaged and that dramatic state intervention is required. The measures introduced by the government have received cross-party backing because while radical, they...
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